Yamana Gold Inc. (‘Yamana' or ‘the Company') announced the promotion of Daniel Racine to President and Chief Executive Officer from his current role as Executive Vice President, Chief Operating Officer. Peter Marrone, the company's Chairman and CEO, is assuming a newly created role as Executive Chairman, and will continue to serve as Chairman of the company's Board of Directors. Mr. Marrone will be accountable to the Board of Directors and serve as a liaison between the Board of Directors and management, through the President and CEO.

Mr. Marrone will continue to drive Yamana's strategic vision, focusing on the initiatives to optimize capital deployment, return measures, the sustainability of cash flows, and the evaluation of strategic alternatives to maximize the value of the Company's assets, including the substantial non-producing portion of the portfolio, for shareholders. Mr. Marrone will also serve as a guide, and mentor, to the President and CEO and, through the President and CEO, to management of the Company more generally. Mr. Marrone is the founder of the Company and has been responsible for its activities and development in his role as Chairman and CEO.

Mr. Racine has been with the Company since 2014 and, most recently, was the Executive Vice President, Chief Operating Officer of the Company. In his capacity as President and CEO, Mr. Racine will be responsible for the business of the company with all executive offices reporting directly to him. In turn, the President and CEO will report directly to the Executive Chairman of the Company.

Mr. Racine will work with the Executive Chairman in the formulation of strategy, be responsible for managing the business and be accountable for the management, prepare the business plan for the Company and ensure the Company adheres to that plan.