YAMANA GOLD INC.

Yamana filed the schedule to its Articles of Arrangement. It creates a Class A Common Share with two votes per share, then re-designates the issued Class A shares as ordinary Common Shares with one vote and cancels the unissued Class A and old Common authorizations. This is the share restructuring step of the plan of arrangement. The filing was signed by Christopher Lemon as President and Director, not Sofia Tsakos. The excerpt does not say what shareholders received.

business combination

Pan American Silver announced it completed its acquisition of Yamana Gold. This closes out the arrangement that replaced the terminated Gold Fields deal. Only the cover page and exhibit index are provided, so the consideration paid to shareholders is not shown in this filing.

business combination

Yamana announced the termination of the Gold Fields arrangement agreement and confirmed activation of an arrangement agreement with Agnico Eagle and Pan American. This ends the Gold Fields deal from May 2022 and replaces it with a new buyer group. Terms are not in the excerpt.

business combination

Yamana filed the full Gold Fields arrangement agreement dated May 31, 2022, plus voting agreements and a material change report. Under it Gold Fields would acquire all Yamana shares, with each share receiving 0.600 of a Gold Fields share. It requires Yamana shareholder approval and court approval, and has termination fee provisions. This is the formal paperwork for the May 31 announcement.

business combination

Gold Fields announced it will acquire Yamana. The title calls it a combination creating a top-4 global gold major. The accompanying Oct 2022 filing shows the agreement dated May 31, 2022 gives Yamana shareholders 0.600 of a Gold Fields share per Yamana share. This is a new take-over thread; the deal was not yet completed.

business combination

Yamana reported updated mineral reserves and resources, which the title says underpin increasing mine lives across its portfolio. Only the cover page and exhibit index are provided, so the reserve and resource numbers are not shown.

resource reserve update

Yamana announced it will redeem its outstanding senior notes using cash on hand and proceeds of the just-completed US$500 million 10-year note offering. The title says this significantly reduces outstanding debt and extends maturities (title truncated). This resolves the purpose of the August 4 pricing. The amounts redeemed are not shown.

debt financing

Yamana announced the pricing of US$500 million of 10-year unsecured senior notes. Only the cover page and exhibit index are provided here, so the interest rate and use of proceeds are not shown, though the next filing links the proceeds to a note redemption.

debt financing

Yamana reported significant progress on the Phase 2 expansion at Jacobina and strong exploration results. The title says costs to complete Phase 2 are significantly reduced compared with the original estimate and that Phase 3 evaluation is advancing. This follows the Phase 2 pre-feasibility study in the 2020 report. Only the cover page and exhibit index are provided, so no cost or drill figures are shown.

drilling result

Yamana reported strong fourth quarter and full year 2020 results, delivered technical study results for the Odyssey underground project at Canadian Malartic with a construction decision approved, and adopted a climate-related item (title truncated). Only the cover page and exhibit index are provided, so no financial or study figures are shown.

production update

Yamana announced it completed the acquisition of the Wasamac property and the Camflo property and mill, and is starting to advance Wasamac development plans. This appears to be the completion of the Monarch acquisition announced in November 2020, which is an inference as the text does not name Monarch. Price and terms are not shown.

business combination

Yamana announced a friendly acquisition of Monarch, expanding its footprint in the Abitibi region (where Canadian Malartic is located). Only the cover page and exhibit index are provided, so the price, consideration and conditions are not shown.

business combination

Yamana raised its dividend by a further 12%. The title says this is the fourth increase announced in the past year, for a cumulative increase of 250%. This continues the May 2020 increase; the new per-share amount is not shown.

dividend declaration

Yamana filed an NI 43-101 technical report on the Jacobina gold mine in Bahia, Brazil (effective December 31, 2019, signed May 29, 2020), written by Yamana staff plus an SLR consultant. The table of contents shows it includes a Phase 2 expansion pre-feasibility study, but the resource, reserve and cost figures are not visible in the excerpt.

resource reserve update

Yamana raised its annual dividend by 25% to $0.0625 per share. The title says this is its third increase in the past year, for a cumulative increase of 213%. This is far above the last confirmed quarterly dividend of US$0.065 in 2013 only if compared by annual rate, which is an inference.

dividend declaration

Yamana announced the closing of the Brio Gold purchase rights offering, per the press release title. Only the cover page and exhibit index are provided, so the amount raised, price and Yamana's resulting stake are not shown. It continues the Brio Gold monetization that began in October 2015 and followed the November 2015 proposed private placement.

capital raising announcement

Yamana announced it raised total consideration of approximately $178 million through completing the sale of its Mercedes mine and monetizing its Sandstorm warrant holdings. This completes the Mercedes sale announced July 2016. The split between the two components and the buyer are not shown in the text provided, and the currency is given only as '$'.

asset acquisition disposition

Yamana announced the sale of its Mercedes mine in Mexico, described in the subtitle as a strategic transaction to reduce its net debt position. Only the cover page and exhibit index are provided, so the buyer, price and terms are not shown. Mercedes was a 100%-owned operating mine in the context (reserves about 1.0 Moz GEO at end-2012).

asset acquisition disposition

Yamana announced a proposed private placement of shares of Brio Gold, with a subtitle saying the intention to monetize a non-core asset is advancing according to plan. Only the cover page and exhibit index are provided, so size, price and Brio Gold's assets are not shown. It continues the Brio Gold monetization initiative from October 2015.

capital raising announcement

Yamana announced metal purchase agreements with Sandstorm and an update on its Brio Gold monetization initiative, with a subtitle saying proceeds will be applied to the balance outstanding on its revolving credit facility. Only the cover page and exhibit index are provided, so the amounts, mines and metal volumes are not shown. It signals paying down the revolving credit facility (US$680M facility in the context) and begins a Brio Gold monetization thread.

debt financing

Yamana announced the closing of a C$299.3 million equity financing, including full exercise of the over-allotment option, per the press release title. Only the cover page and exhibit index are provided, so the share price, number of shares issued and use of proceeds are not shown. New shares were issued, so existing holders' stakes are diluted (inference from the title).

capital raising announcement

Yamana announced the pricing of US$500 million of 10-year unsecured senior notes, per the press release title. Only the cover page and exhibit index are provided, so the coupon and use of proceeds are not shown. It comes days after the Osisko/Canadian Malartic acquisition closed; whether the two are linked is not stated (an inference only).

debt financing

Yamana filed a 6-K for a press release titled 'Yamana Gold and Agnico Eagle Complete Acquisition of Osisko Mining Corporation and the Canadian Malartic Mine', dated June 16, 2014. The text provided contains only the cover page and exhibit index, so the price, Yamana's share and any financing are not shown. The title indicates a new acquisition for Yamana, done jointly with Agnico Eagle, now completed.

business combination

Yamana filed a 6-K for a press release announcing results of the Cerro Moro feasibility study, with the subtitle 'Reduced initial capital expenditure providing significant returns'. Only the cover page and exhibit index are provided, so no capital cost, production or return figures are available. Cerro Moro is the Argentine project acquired with Extorre in August 2012, so this follows up the plan to define a development path.

resource reserve update

Yamana filed a note purchase agreement dated June 10, 2013 for US$300 million of senior notes: US$35 million at 3.64% due 2018 and US$265 million at 4.78% due 2023, guaranteed by subsidiaries. This is a second private placement of senior notes after the US$500 million agreement of March 2012, adding to existing debt. The excerpt does not show what the proceeds will be used for (the agreement has a use-of-proceeds section that was truncated).

debt financing

Yamana reported year-end 2012 reserves of 19.3 million gold-equivalent ounces, up 4% from 2011 and net of production, with measured and indicated resources up 15% to 15.6 million and inferred resources up 10% to 11.4 million. This follows the 2011 figures (18.6 million reserves); El Peñón reserves are 3.7 million ounces, Chapada's gold reserves rose 11% as part of Corpo Sul moved into reserves, and Jacobina's rose 21%. Gualcamayo reserves fell from production, and the company has started a milling-options evaluation expected in the first half of 2013. Prices used are unchanged (US$950 gold, US$20 silver, US$2.50 copper). The excerpt is truncated partway through the Mercedes section.

resource reserve update

Yamana completed the acquisition of Extorre Gold Mines announced June 18, after Extorre shareholders approved it on August 15 and the court gave final approval on August 21, 2012. Yamana now owns Cerro Moro in Santa Cruz, Argentina, and plans to spend US$5 million over the next four months to upgrade resources, and to evaluate a 2015 start-up at 200,000 or more GEO a year, with a definitive plan expected by year-end. Those plans are management's targets, not decisions.

business combination

Yamana agreed to buy all of Extorre Gold Mines, whose main asset is the 95%-owned Cerro Moro gold-silver project in Santa Cruz, Argentina (about 1.36 million GEO indicated and 1.05 million GEO inferred resources). Extorre holders get C$4.26 per share (C$3.50 cash plus 0.0467 of a Yamana share), a deal value of about C$395 million net of cash, which Yamana puts at roughly 3% of its pro-forma market value. It is a new acquisition after the Viceroy, Northern Orion and Meridian share deals, and closing is expected in August 2012 subject to Extorre shareholder, court and regulatory approvals. New Yamana shares will be issued as part of the price.

business combination

Yamana filed the note purchase agreement dated March 23, 2012 for US$500 million of new senior notes sold to a group of purchasers: US$75 million at 3.89% due 2018, US$85 million at 4.36% due 2020, US$200 million at 4.76% due 2022 and US$140 million at 4.91% due 2024. The notes are guaranteed by subsidiaries and the agreement sets covenants, including limits on liens and asset sales and financial ratio tests. This adds a new debt facility alongside the existing US$270 million of senior notes and the revolving credit facility. The excerpt does not show what the proceeds will be used for.

debt financing

Yamana reported year-end 2011 proven and probable reserves of 18.6 million gold-equivalent ounces, up 11% from 16.6 million, net of 1.1 million ounces produced in 2011. Measured and indicated resources were replaced at 13.6 million ounces and inferred resources rose 39% to 10.3 million ounces, driven by the Chapada Corpo Sul discovery, Gualcamayo, Fazenda Brasileiro, C1 Santa Luz and extensions at Pilar, El Peñón and Mercedes. This follows through on the 2011 exploration program and mid-2011 drilling updates (Pampa Augusta Victoria, Corpo Sul), with El Peñón reserves up 20% to 3.5 million ounces and Fazenda Brasileiro noted as having only 2.5 years of known reserve life. Management says it expects 1.75 million ounces of production starting in 2014 and is evaluating Jeronimo as the next project. Figures are company estimates at assumed prices of US$950 gold, US$20 silver and US$2.50 copper. The excerpt is truncated partway through the project details.

resource reserve update

Yamana, Goldcorp and Xstrata Copper finalized a four-year option letting Minera Alumbrera (the joint venture Yamana owns 12.5% of) buy Yamana's 100% of the Agua Rica project in Argentina, with cumulative payments of US$110 million from Goldcorp and Xstrata Copper. Yamana has received US$20 million on signing, on top of US$10 million paid earlier; if the option is exercised it would get US$150 million on approval to proceed, US$50 million at commercial production, the remaining US$80 million of option payments, and a deferred payment tied to 65% of payable gold up to 2.3 million ounces. This resolves the open question of the Agua Rica partnership, which replaces Yamana's own plan to make a construction decision by end-2011. Minera Alumbrera took control of the project on August 31, 2011 and funds the feasibility study (Fluor, due early 2013); construction could start in 2013 only if the study is positive, the option is exercised and approvals are obtained.

joint venture update

Yamana raised its annual dividend 50%, to US$0.18 per share (US$0.045 per quarter) from US$0.12, starting with the third-quarter 2011 dividend. It also lifted its 2011 exploration budget to US$105 million from US$85 million (about 25%), saying as much as US$125 million could be allocated in 2012. This continues the dividend increases of 2010 (the company says it is over four-fold from US$0.01 per quarter at the start of 2010) and raises the earlier US$75-80 million-style exploration spending, with extra money aimed at Pilar, Mercedes, El Peñón and the Arco Sul project.

dividend declaration

Yamana received 19,056,113 new Aura Minerals shares as partial payment under a March 4, 2011 letter agreement restructuring promissory notes and other amounts owed to Yamana by Aura, totalling US$64,247,114 plus deferred purchase price. The deemed price was C$3.83 per share. Yamana now holds 42,400,374 Aura shares (about 18.7%), up from 23,344,261. This follows the 2009 sale of San Andrés, São Francisco and São Vicente to Aura, in which Yamana kept a shareholding; the filing says Yamana has no current intention to buy more and will keep reviewing the holding.

business combination

Yamana decided to build the underground QDD Lower West ore body at Gualcamayo (Argentina) for about US$85 million, with production targeted from early 2013 instead of the originally planned 2015. It also decided to build Pilar (Brazil, 100% owned) for about US$180 million, with production targeted for mid-2013. This resolves the 2010 QDD Lower West feasibility-update thread and the Pilar thread. Gualcamayo reserves are now 2.48 million oz (up about 6%) and Pilar's first reserve is 1.14 million oz, lifting total company reserves by 7% to 18.7 million oz. Gualcamayo first-half 2010 output was 66,928 oz at a cash cost of US$434 per oz. Figures are company estimates.

production update

Yamana raised its dividend again, to an annualized US$0.08 per share (US$0.02 per quarter), a 33% rise over the US$0.06 rate set in May and 100% over the 2009 rate. It applies to the third-quarter dividend payable October 14, 2010 to holders of record on September 30, 2010. It continues the stepwise increases that began in May.

dividend declaration

Yamana raised its dividend by 50%, to an annualized US$0.06 per share (US$0.015 per quarter) from US$0.04, starting with the second-quarter dividend payable July 14, 2010 to holders of record on June 30, 2010. It says it will keep reviewing the dividend level as cash flows increase. This is the first increase since the quarterly US$0.01 payments set in 2009.

dividend declaration

Yamana set out a plan to raise El Peñón (Chile) output to at least 450,000-500,000 gold-equivalent ounces a year, by lifting plant capacity from 4,300 to 5,000 tonnes a day by 2012 and adding ore from other sources such as Amancaya (inferred 351,000 oz). It also reported a new high-grade vein discovery, Pampa Augusta Victoria, 30 km north of the mine, where 21 drill holes show e.g. 2 m at 54.40 g/t gold and 5,575 g/t silver. 2010 production is planned at about 400,000-420,000 GEO, with US$18.4M budgeted for exploration. This continues the El Peñón thread, whose earlier target was 500,000 GEO a year; the drilling results are not reserves or resources. The release also says El Peñón was not meaningfully affected by the Feb 27 Chile earthquake, while Minera Florida needs repairs and a power source.

drilling result

Yamana made a formal construction decision on Ernesto/Pau-a-Pique (Brazil), resolving the year-end 2009 decision thread: capital about US$116 million (up from about US$86 million in the February 2009 scoping study), about 100,000 oz a year, cash cost US$427, about seven-year initial life, after-tax IRR about 31%, with construction expected mid-2010 and production late 2012. It also gave an Agua Rica (Argentina) update: a new optimization study estimates capital of about US$2.1 billion, a 26.5-year mine life, and NPV above US$1.2 billion with IRR about 15% at US$2.25 copper and US$950 gold, with a formal construction decision expected before end-2011 and a strategic partnership still being evaluated. These are study estimates.

production update

Yamana raised its revolving credit facility to US$680 million from US$500 million (arranged by Scotia Capital and RBS Securities) and closed a US$270 million private offering of unsecured fixed-rate notes (weighted average maturity about 9 years, coupon 6.75%). The note proceeds will repay its existing term loan and reduce the revolver, and the company says its drawn credit is unchanged and it has over US$500 million of cash and undrawn credit available.

debt financing

Yamana declared commercial production at Gualcamayo (Argentina) effective July 1, 2009, with about 24,000 oz produced in Q2 and about 75,000 oz expected for commercial production in 2009. It also made construction decisions for C1 Santa Luz (Brazil; capex US$143M, 104,000 oz/yr, production mid-2012, after-tax IRR 27.9%) and Mercedes (Mexico; the February 2009 study figures, production targeted late 2012 with permitting expected mid-2010). This resolves the open Gualcamayo start-up thread and the Mercedes decision that was due by Q1 2010, though C1 Santa Luz production moves from early 2010 to mid-2012 and its capex rises from US$139M to US$143M. Ernesto/Pau-a-Pique's formal decision is expected by year-end; the excerpt is truncated, so Minera Florida and other details are not seen.

production update

Yamana agreed to sell three mines it calls non-core, San Andrés (Honduras) and São Francisco and São Vicente (Brazil), to Aura Minerals for an initial price of about US$200 million: roughly US$90 million cash, US$70 million deferred cash and US$40 million in Aura shares (issued at C$0.40). San Andrés is expected to close July 23, 2009 for about US$74 million, the other two by year-end, and Yamana keeps a royalty worth up to US$40 million, with payments possibly from 2012. The deal still needs definitive documents and Aura raising the cash portion.

asset acquisition disposition

Yamana reported proven and probable gold reserves of 19.4 million oz at December 31, 2008, up from 17.9 million oz a year earlier (net up about 1.5 million oz, or 8%), and measured and indicated resources of 15.7 million oz, up 22% from 12.9 million oz. The reserve gain is mainly from Mercedes (over 600,000 oz) and Gualcamayo (net over 1.1 million oz), after about 0.95 million oz mined and 0.1 million oz removed for the Rossi disposition. The company also states a 2009 goal of 1.35 million GEO and a minimum US$56 million exploration budget.

resource reserve update

Yamana released a pre-feasibility study for Mercedes (Mexico) and a scoping study for Ernesto/Pau-a-Pique (Brazil). Mercedes has probable reserves of 2.65 million tonnes at 7.58 g/t gold equivalent (645,000 GEO) and indicated resources of 705,000 GEO; the study estimates capital of about US$152 million, cash costs of $264 per GEO, about 118,000 GEO a year for roughly six years, and an after-tax NPV (5%) of US$72.7 million with a 22.4% IRR. Production is expected by 2012 if a construction decision is made by Q1 2010. Ernesto/Pau-a-Pique has indicated resources of 593,000 oz and inferred resources of 305,000 oz of gold, capital of about US$86 million, about 100,000 oz a year at roughly US$356 cash cost, NPV US$138 million and IRR 38%; a feasibility study is targeted for the end of 2009 with production in 2012. This follows through on the earlier Mercedes pledge of a feasibility-level study by end-2008, but what was delivered is a pre-feasibility study, and the company's 1 million oz Mercedes goal is now stated as a target to reach before a construction decision. The Pilar inferred resource of about 970,000 oz is unchanged, with an update expected in Q2 2009. These are study estimates

resource reserve update

Yamana agreed a bought-deal share sale with underwriters, first announced as 16.7 million shares at Cdn$6.00 (Cdn$100.2 million), then increased on the same day to 22.5 million shares for Cdn$135 million with the over-allotment option removed. The shares are offered in Canada (not Quebec) only, and closing is expected in late December 2008, subject to approvals including the TSX. Proceeds are for operating and working capital, and may be used to reduce debt under the revolving facility or fund discretionary capital programs. For existing shareholders this means about 22.5 million new shares, and the filing gives no reason for the raise beyond the stated uses.

capital raising announcement

Yamana gave an exploration update. At Gualcamayo, new holes (e.g. 248.2 m of 3.00 g/t Au in 08QD-523) suggest QDD Lower West may be larger than the current resource estimate, and the company plans a feasibility update including it by year-end, with QDD production now expected to begin at the end of 2008. At El Peñón, drilling at Bonanza North supports the view that it could be at least twice the current resource, and the company reiterates 500,000 GEO/yr by end-2008 with a mine plan in progress for about 600,000. At Mercedes, Yamana says it is on track for a one-million-ounce gold resource and a feasibility study by end-2008. Pilar de Goiás has an inferred resource of 972,000 oz at 2.42 g/t, with a scoping study planned for end-2008. These are drilling results and company expectations, not confirmed reserves.

drilling progress report

Yamana reported 2007 results: sales of US$747.1 million, net earnings of US$157.2 million, and cash and short-term investments of about US$330 million at year end. Results include Meridian and Northern Orion only since October 2007. Proven and probable gold reserves rose to 17.9 million oz from 6.8 million oz, and the company says the Meridian and Northern Orion acquisitions were completed for total consideration of US$4.8 billion, which closes the Meridian open thread in the company's own account. It targets 1.3 million gold equivalent oz in 2008 (the earlier context said 1 million oz gold) and 2.2 million oz of gold from 2012, with about US$1.3 billion of capex over three years funded from cash and operating cash flow. El Peñón is now planned at about 500,000 GEO/yr by Q4 2008 and 600,000 by end of 2009 in this version, and Gualcamayo start-up is now Q3 2008. These are plans, not results.

drilling progress report

Yamana reported a feasibility study for its C1 Santa Luz gold project in Bahia, Brazil: about 103,000 oz a year on average, capital cost US$139 million, cash cost US$390-410/oz, and production starting early 2010. Yamana says it has approved construction start-up. It also finished the Chapada pyrite acid market study and is moving to a final feasibility study (continuing that thread), and gave a first resource estimate for Bonanza and an update for Al Este at El Peñón (the Meridian mine), with more than one million oz of high-grade gold resource reported to date in the new North Block veins. These are study projections, not results.

resource reserve update

Meridian shareholders approved the plan of arrangement under which Yamana will buy the remaining roughly 10% of Meridian shares for the same C$7.00 cash plus 2.235 Yamana shares each. It is expected to take effect December 31, 2007, with Meridian delisted from the TSX and NYSE during the week of January 1, 2008. This is the final step of the Meridian takeover, following the 90% already acquired.

business combination

Yamana filed the formal Business Acquisition Report on the Northern Orion and Meridian deals. It acquired 100% of Northern Orion (154,103,861 shares) effective October 13, 2007 for about 84 million Yamana shares plus C$154 thousand cash. It acquired 77,426,561 Meridian shares (about 76% fully diluted) effective October 12, 2007 for about 173 million Yamana shares and C$542 million cash. Both were funded from Yamana's existing US$700 million credit facilities maturing in 2012. This confirms the Northern Orion arrangement closed, resolving that open thread, and says Yamana has no current plans for material changes to its business.

business combination

Yamana's Meridian offer (C$7.00 cash plus 2.235 Yamana shares per Meridian share) expired on November 2, 2007. Yamana has taken up shares so that it now owns 90,813,237 Meridian shares, about 90% of the company. It plans to buy the rest through a plan of arrangement on the same terms, which would make Meridian a wholly owned subsidiary, with completion expected by year end. This moves the Meridian takeover from tender to the final squeeze-out stage; the minimum tender condition was clearly met.

business combination

Yamana and Meridian signed a support agreement: Yamana raised the cash part of its offer by C$0.50 to C$7.00 per Meridian share (share part unchanged at 2.235 Yamana shares), and Meridian's board unanimously recommends accepting it. This turns the contest into an agreed deal. The offer is extended to midnight October 12, 2007, and the minimum tender condition is now stated as 50.1% of Meridian shares on a fully diluted basis, down from 66 2/3% in earlier filings. Yamana says the cash will come from its existing debt facilities, and it will appoint three Meridian directors to its board on completion. About 24.4 million Meridian shares had been tendered as of September 19. The Northern Orion arrangement terms are unchanged and Yamana intends to close it soon after Meridian shares are successfully tendered.

business combination

Yamana extended its Meridian offer to 8:00 pm Toronto time on September 24, 2007, after it had been set to expire September 11. About 34.3 million Meridian shares, around 34% of those outstanding, have been tendered, still short of the 66 2/3% minimum condition, which is unchanged. Terms stay at C$4.00 plus 2.235 Yamana shares per Meridian share, and Yamana says no other bidder has emerged. It also announced an analyst day on October 10, 2007.

business combination

Yamana received formal environmental approval for Gualcamayo in Argentina and made a construction decision for the main QDD deposit, resolving the open thread on the environmental assessment (submitted Dec 2006) and the QDD feasibility study due mid-2007. QDD initial capital is US$140.1 million, with a pre-tax return of 21.9%, and start-up is targeted for mid-2008. A scoping study on the Amelia Ines/Magdalena deposits projects about 1.6 million recoverable ounces from QDD plus these deposits over 10 years, with their fuller feasibility update now pushed from end of September to year end. The company plans more than 200,000 oz a year of gold, and these are projections, not results.

production update

Northern Orion shareholders voted in favour of Yamana's acquisition of Northern Orion by plan of arrangement, which Yamana calls a major step toward completing the Meridian deal. The Meridian offer has been extended to 8:00 p.m. on September 7, 2007 (from August 27) by a Notice of Variation and Extension dated August 14, 2007. The Northern Orion deal still needs at least 66 2/3% of Meridian shares tendered, and the final court order; the filing does not say whether those have happened.

business combination

This is the full legal Business Combination Agreement dated July 19, 2007 between Yamana and Northern Orion. It sets the deal up as a plan of arrangement under British Columbia law and follows a binding letter agreement of June 27, 2007. The visible text sets a completion deadline of December 31, 2007 and lists conditions, non-solicitation and termination fee sections; the exact terms in those sections are not visible in the excerpt. It is the formal document behind the terms announced in the press release of the same date.

business combination

Yamana and Northern Orion signed a definitive agreement under which Yamana will buy Northern Orion for 0.543 Yamana share per Northern Orion share, and Yamana filed its formal offer for Meridian Gold: 2.235 Yamana shares plus C$3.15 cash per Meridian share, open until August 27, 2007. This spells out the terms of the Meridian bid that the Northern Orion loan was arranged to fund. To complete both deals Yamana says it will issue about 309.8 million new shares (226.1M to Meridian holders, 83.7M to Northern Orion holders) and pay about US$305 million in cash, leaving existing Yamana holders with an expected 53.4% of the combined company. The Northern Orion deal is conditional on at least 66 2/3% of Meridian shares being tendered.

business combination

Yamana signed a loan agreement dated July 19, 2007 with Northern Orion Resources for up to US$200 million, at LIBOR plus 2%, to be used only for the cash part of its offer for Meridian Gold shares. The loan is secured by the first 15,673,981 Meridian shares Yamana takes up (valued at US$400 million), can be drawn through December 31, 2007, and falls due at the earlier of 30 days after Yamana acquires 100% of Meridian or 12 months after first drawdown. It ties to a Business Combination Agreement between Yamana and Northern Orion of the same date and signals a new Meridian takeover offer; the visible text does not give the offer's terms.

debt financing

Yamana completed a scoping study for a Pyrite Project at Chapada to recover extra gold and copper and make sulphuric acid from tailings concentrate. It estimates capital cost of $194.8 million, a pre-tax return of about 20% (above 27% at current prices), and about 320,000 extra ounces of gold and 94 million pounds of copper over the mine life. It is proceeding to a marketing study and then a feasibility study. For Gualcamayo, the QDD open pit feasibility study is due in June, with a second phase on the Amelia Inés and Magdalena satellite deposits by the end of summer, and a resource update for the QDD lower west zone by year-end.

resource reserve update

Yamana declared commercial production at its Chapada copper-gold mine effective Feb 11, 2007, resolving the open thread about reaching commercial production, which had been expected in Q1 2007. The mine made over 16,000 tonnes of concentrate in January and is expected to produce over 210,000 tonnes this year. A first overseas shipment of 10,800 tonnes (about 6.7 million pounds of copper and 9,300 ounces of gold) is in transit, and its revenue will now count in operating results. The copper is expected to cut Q1 cash costs per ounce of gold by about US$100 across Yamana's mines, and costs will be reported net of copper by-product credits going forward.

production update

Yamana reported infill drilling at Gualcamayo, including hole 06QD-377 with 4.86 g/t gold over 24m inside 2.11 g/t over 84m, and says resources may support a larger operation than the planned 16,000 tonnes per day. It also reported a San Andrés (Honduras) measured and indicated resource of 1,290,000 ounces as of Oct 31, 2006, up 455,000 ounces (54%) from the 835,000 ounces when Yamana acquired the property on Feb 28, 2006, plus reserves of 499,000 ounces. Production at the East Ledge pit is about 80,000 ounces a year, and the company says it is monitoring a new mining law in Honduras that matters for expansion plans; Gualcamayo start-up is still planned for mid-2008.

drilling progress report

Yamana said Minas Argentinas S.A., its wholly owned subsidiary acquired through the Viceroy deal, submitted the Environmental Impact Statement for the Gualcamayo project in San Juan, Argentina, the final submission needed for the mine development permit. The permit is expected in about four months, construction in mid-2007 for roughly 12 months, and start-up is still scheduled for mid-2008. The release also says the Viceroy take-over bid is complete and compulsory acquisition of the remaining Viceroy shares at 0.97 Yamana share each has begun, with Viceroy still a public company until that finishes.

regulatory community update

Yamana released an updated feasibility study for its São Vicente project in Brazil. Mineral reserves rose 69% to 341,883 ounces, and the study supports a stand-alone open pit mine with an initial 5.3-year life and about 57,000 ounces of gold a year. Pre-production capital is estimated at US$43.6 million and the after-tax IRR at about 17% at US$550/oz gold. Yamana has made a positive construction decision, with completion scheduled for early to mid 2008. The release also gives drilling results at the Pau-a-Pique and Ernesto prospects on the same gold belt as São Francisco.

resource reserve update

Yamana said 49,035,591 Viceroy Exploration shares, 90.6% of those outstanding, were tendered to its offer of 0.97 of a Yamana share per Viceroy share, and it has accepted them for payment, with Yamana shares to be issued on October 18, 2006. The offer is extended to October 27, 2006 for the rest, and Yamana says it has started the steps to own 100% of Viceroy. This continues the Viceroy bid launched September 6, 2006 and is how Yamana is taking on the Gualcamayo project in Argentina mentioned in the production update the same day.

business combination

Yamana said it has started up its Chapada copper-gold mine, its largest. It expects to begin delivering copper and gold concentrate in November and to reach commercial production levels in Q1 2007, with 2007 and 2008 production guidance unchanged. Q3 2006 gold production was about 89,000 ounces from five other producing gold mines, including about 29,600 ounces at Sao Francisco (its first quarter of commercial production) and about 19,300 ounces at Jacobina. The release also says the Viceroy take-over bid is bringing the Gualcamayo project in Argentina.

production update

Yamana filed the proxy circular (dated December 31, 2005) for its deal to buy RNC Gold Inc. by amalgamating it with a Yamana subsidiary, 6482015 Canada Inc. RNC shareholders get 0.12 of a Yamana share per RNC share, which would leave them with about 2.9% of roughly 197.1 million Yamana shares. The circular also says Yamana has an $18.9 million senior secured loan to RNC's subsidiary San Andrés (Belize) Limited, which becomes due, with an option for Yamana to acquire 100% of San Andrés Belize, if the deal is terminated or does not close by March 7, 2006. This filing is the circular for a deal already agreed on December 4, 2005, and it does not itself say whether the deal closed.

business combination