The Gold Fields Board has convened to consider the Joint Offer of Pan American Silver and Agnico Eagle Mines to acquire all of the issued and outstanding common shares of Yamana Gold Inc, based on the information included in the joint press release issued by Pan American and Agnico on 4 November 2022, and the press release issued by Yamana the same day.

Having considered this information in consultation with its financial and legal advisers, the Board continues to believe that the Gold Fields Transaction, as jointly announced by Gold Fields and Yamana on May 31, 2022, remains strategically and financially superior to the Joint Offer.

Consequently, the Board has unanimously determined that it will not offer to change the terms of the Transaction. In coming to this determination, the Board has taken into account its commitment to capital discipline and considered the fairness of the Transaction to both Gold Fields and Yamana shareholders over the long term.

Chris Griffith, Chief Executive Officer of Gold Fields, says: “The Board was unanimous in its decision not to offer to change the terms of the Transaction as we continue to believe our Transaction is strategically and financially superior.

We believe in the highly complementary fit of Yamana’s operating assets and its extensive pipeline of future growth projects will create significant near-term and long-term value for the shareholders of both Gold Fields and Yamana when added to Gold Fields’ current portfolio of assets” he said.