to acquire Cautionary S tatement CAUTIONARY NOTE REGARDING - PowerPoint PPT Presentation

to acquire

Cautionary S tatement CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains “ forward-looking statements” within the meaning of the United S tates Private S ecurities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking statements, including any information as to the Company’ s strategy, plans or future financial or operating performance. Forward-looking statements are characterized by words such as “ plan,” “ expect” , “ budget” , “ target” , “ proj ect” , “ intend,” “ believe” , “ anticipate” , “ estimate” and other similar words, or statements that certain events or conditions “ may” or “ will” occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subj ect to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those proj ected in the forward-looking statements. These factors include the Company’ s expectations in connection with the proj ects and exploration programs discussed herein being met, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on proj ected future conditions, fluctuating metal prices (such as gold, copper, silver and zinc), currency exchange rates (such as the Brazilian Real, the Chilean Peso, the Argentine Peso and Mexican Peso versus the United S tates Dollar), possible variations in ore grade or recovery rates, changes in the Company’ s hedging program, changes in accounting policies, changes in the Company’ s corporate mineral resources, risk related to non-core mine dispositions, changes in proj ect parameters as plans continue to be refined, changes in proj ect development, construction, production and commissioning time frames, risk related to j oint venture operations, the possibility of proj ect cost overruns or unanticipated costs and expenses, higher prices for fuel, steel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, final pricing for concentrate sales, unanticipated results of future studies, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation and the risk of government expropriation or nationalization of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and timing and possible outcome of pending litigation and labour disputes, as well as those risk factors discussed or referred to in the Company’ s annual Management’ s Discussion and Analysis and Annual Information for the year ended December 31, 2011 filed with the securities regulatory authorities in all provinces of Canada and available at www.sedar.com, and the Company’ s Annual Report on Form 40-F filed with the United S tates S ecurities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’ s estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’ s expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company’ s plans and obj ectives and may not be appropriate for other purposes. CAUTIONARY NOTE TO U.S . INVES TORS CONCERNING ES TIMATES OF MEAS URED, INDICATED AND INFERRED MINERAL RES OURCES This present at ion uses t he t erms “ Measured” , “ Indicat ed” and “ Inferred” Mineral Resources. Unit ed S t at es invest ors are advised t hat while such t erms are recognized and required by Canadian regulat ions, t he Unit ed S t at es S ecurit ies and Exchange Commission does not recognize t hem. “ Inferred Mineral Resources” have a great amount of uncert aint y as t o t heir exist ence, and as t o t heir economic and legal feasibilit y. It cannot be assumed t hat all or any part of an Inferred Mineral Resource will ever be upgraded t o a higher cat egory. Under Canadian rules, est imat es of Inferred Mineral Resources may not form t he basis of feasibilit y or ot her economic st udies. Unit ed S t at es invest ors are caut ioned not t o assume t hat all or any part of Measured or Indicat ed Mineral Resources will ever be convert ed int o Mineral Reserves. Unit ed S t at es invest ors are also caut ioned not t o assume t hat all or any part of an Inferred Mineral Resource exist s, or is economically or legally mineable. For addit ional det ails on t he Cero Moro proj ect , please see t he t echnical report ent it led “ Preliminary Economic Assessment for The Cero Moro Gold-S ilver Proj ect , S ant a Cruz Province, Argent ina,” dat ed March 30, 2012 (t he “ PEA 3” ) and co-aut hored by Carlos Guzmán, Mining Eng., Regist ered Member of t he Chilean Mining Commission, Bill Gosling, BS c Eng., MBA, FAusIMM, David (Ted) Coupland, BS c, DipGeoS c CFS G AS IA, MAusIMM (CP), Ant hony S anford, BS c, MBA, SACNAS P Pr.S ci.Nat ., Krishna S inha, P. Eng., Ut ah and Michael Gabora, P. Geo, Ont ario. A copy of t he PEA 3 can be obt ained from S EDAR at www.sedar.com. 2

Y amana’s Business Model… Continually optimize Focus on mid-size – lower costs, projects enhance – clusters / stable productivity countries Focus on cash flow Grow organically Convert rapidly – expand nearby/ into production development – mine sponsorship program 3

Proj ects – Y amana’s Niche Similar to existing deposits Deposit Exploration Type Conventional Potential to enhance Processing value Method 100 – Production Experience 200,000 Mining ounces per friendly year Jurisdiction Capital Costs Established Manageable Production framework costs Maintain existing cost structure 4

Extorre Fit with Business Model and Niche – Focus on Mid-S ize Proj ect s – Relat ively low capex at less t han $300 million (PEA 3) – Product ion by 2015/ 16 at t arget ed – Convert Rapidly t o Product ion 200 kGEO/ yr – S ignificant pot ent ial t o increase – Grow Organically resources and reserves – Cont inually Opt imize – S t udies opt imize t hroughput scenarios – S imilar t o Exist ing Deposit s – High grade vein deposit s similar t o El Peñón and Mercedes – Convent ional – S t andard processing flowchart – Maint ain Exist ing Cost S t ruct ure – Proj ect ed cost s expect ed t o lower Y amana’s average cash cost s – Est ablished Jurisdict ion – S ant a Cruz wit h long hist ory of mining – S ignificant unexplored land t o – Pot ent ial t o Enhance Value support addit ional discoveries Through Explorat ion 5

… and Market Timing is Ideal Implied Share Exchange Ratio 1 Relative Share Price Performance 2 1.20 Historical Exchange Ratio 175 Yam ana LTM Average Extorre 1.10 At Offer Current 150 1.00 Exchange Ratio ( Extorre / Yam ana) Relative Perform ance ( Base = 1 0 0 ) 0.90 125 0.80 100 0.70 0.60 75 0.50 50 0.40 0.30 25 0.20 0.10 0 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 1 Based on TSX trading data volume weighted average trading. 6 2 Based on TSX closing share price performance.