Pan American and Agnico confirm termination of the Gold Fields transaction and announce activation of the arrangement agreement with Yamana
Pan American and Agnico confirm termination of the Gold Fields transaction and announce
activation of the arrangement agreement with Yamana
Vancouver, B.C. and Toronto, Ontario November 8, 2022 – Pan American Silver Corp. (TSX: PAAS, Nasdaq: PAAS)
(“Pan American”) and Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) (“Agnico Eagle”) are pleased to
announce that the arrangement agreement with Yamana Gold Inc. (“Yamana”) which Yamana entered into earlier
today (the “Pan American-Agnico Arrangement Agreement”) has become effective upon the termination today by
Gold Fields Limited (“Gold Fields”) of the arrangement agreement between Yamana and Gold Fields entered into
on May 31, 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, November 8, 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 November 21, 2022 under the Gold
Fields Arrangement Agreement will be cancelled, and Yamana will pay 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 shall fund US$150 million 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.
About Pan American
Pan American owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina and Bolivia. It also owns
the Escobal mine in Guatemala that is currently not operating. Pan American provides enhanced exposure to silver through a
large base of silver reserves and resources, as well as major catalysts to grow silver production. Pan American has a 28-year
history of operating in Latin America, earning an industry-leading reputation for sustainability performance, operational
excellence and prudent financial management.
Learn more at www.panamericansilver.com.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in Canada, Australia,
Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the
United States and Colombia. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading
environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its
shareholders, declaring a cash dividend every year since 1983.
Learn more at www.agnicoeagle.com.
For more information about Pan American or Agnico contact:
Pan American Investor Contact
Siren Fisekci VP, Investor Relations & Corporate Communications
Phone: 604-806-3191
Email: [email protected]
NEWS RELEASE
PAN AMERICAN SILVER CORP. 1
Agnico Eagle Investor Contact
Jean-Marie Clouet Corporate Director, Investor Relations
Phone: 416-457-9464
Email: [email protected]
Cautionary Statement Regarding Forward-Looking Statements
Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" 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 "could", "may", "should", "will" or "would" 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 news release relate to, among other things: the implementation and closing of the transactions
contemplated by the Pan American-Agnico Arrangement Agreement; the cancellation of the special meeting of Yamana
shareholders; the requirement and timing of the US$300 million termination fee payable by Yamana to Gold Fields; and the
timing and availability of further information on the transactions contemplated by the Pan American-Agnico Arrangement
Agreement.
The forward-looking statements and information contained in this news release reflect Pan American's and Agnico Eagle's
current views with respect to future events and are necessarily based upon a number of assumptions that, while considered
reasonable by Pan American and Agnico Eagle, are inherently subject to significant operational, business, economic and
regulatory uncertainties and contingencies.
Pan American and Agnico Eagle caution 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 news release and Pan American and
Agnico Eagle have 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 transactions contemplated by the Pan American-Agnico
Arrangement Agreement will not be completed in the expected timeframe or at all; shareholder approvals for the Pan
American-Agnico Arrangement Agreement in the expected timeframe or at all; pending or potential litigation associated with
the Pan American-Agnico Arrangement Agreement; and general economic, business and political conditions. Additional risks,
uncertainties and other factors are identified in Pan American's and Agnico Eagle's most recent form 40-F and Annual
Information Forms, and in their respective subsequent quarterly report filings, which have been filed with the United States
Securities and Exchange Commission and Canadian provincial securities regulatory authorities, as applicable.
Although Pan American and Agnico Eagle have 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 Pan American's and Agnico Eagle's
current views in respect of the transaction and related matters and may not be appropriate for other purposes. Pan American
and Agnico Eagle do not intend, nor do they 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.
This news release does not constitute (and may not be construed to be) a solicitation or offer by Agnico Eagle, Pan American
or any of their respective 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.
NEWS RELEASE
PAN AMERICAN SILVER CORP. 2