Management’s Discussion and Analysis FOR THE YEAR ENDED DECEMBER 31, 2023 February 21, 2024 TABLE OF CONTENTS Introduction 12 Core Business and Strategy 13 Yamana Acquisition and Strategic Dispositions 13 2023 Highlights 15 2023 Operating Results vs Operating Outlook 16 Operating Performance 17 Financial Performance 21 2024 Operating Outlook 28 Annual and Quarterly Financial Information 35 Operating Metrics 36 Alternative Performance Measures (Non-GAAP) 38 Risks and Uncertainties 47 Material Accounting Poli ...