On November 9, 2022, Gold Fields announced that Yamana Gold Inc. has issued a press release, confirming that: following the waiver by Gold Fields of its 5 business day matching right and response period under the arrangement agreement, Yamana has entered into an arrangement agreement with Pan American and Agnico in respect of the Joint Offer for Yamana; and the Yamana board has changed its recommendation in relation to the arrangement and the transaction with Gold Fields, and now recommends that Yamana shareholders vote against the transaction at the Yamana Meeting. Gold Fields stated that its investment committee will now be convened and Gold Fields will provide a further update to shareholders on the Transaction following that meeting.