Glencore International AG has reached an agreement to purchase Newmont Corporation's 18.75% stake in the MARA Project. Post-acquisition, Yamana Gold Inc. will retain its role as the MARA JV operator, holding a 56.25% interest, while Glencore will own the remaining 43.75%. The deal involves Glencore paying Newmont $171 million (US$124.9 million) upfront and a deferred payment of $41.1 million (US$30 million) upon commercial production, with an annual interest of 6%. The total deferred consideration is capped at $60.5 (US$50 million). The transaction's implied P/NAV multiple, based on an NPV(8%) of $2.6 billion (US$1.9 billion) from the 2020 PFS-B results, stands at approximately 0.5x. Yamana perceives this in line with similar precedent transactions. Glencore has a history of collaboration with Yamana, having previously operated Minera Alumbrera. The MARA Project now encompasses Minera Alumbrera after merging with Minera Agua Rica, a property once fully owned by Yamana. The two companies have cooperated in the MARA JV formation, combining assets of Minera Alumbrera with the Agua Rica deposit, and furthering the Project. Yamana anticipates that continuing collaboration with Glencore and local stakeholders will enhance the Project’s value, as they progress with permitting, engineering, and other essential tasks.