The project identified international trade settlement as the first business use case by supporting the growth of local FX markets in the. Genesis CEO Michael Moro has stepped down, with Chief Operating Officer Mark Murphy, Digital Currency Group COO said in a statement. In addition, the higher silver grade zone Chiquilla Chica is scheduled to begin production at the beginning of June. The first step to unlock the. US SPORTS BETTING MARKET SIZE

Jacobina Expansion Strategy The Company's expansion strategy at Jacobina is well advanced and the Company anticipates that the low-cost operation will have a mine life that exceeds several decades, taking reserves and high conviction mineral resources into consideration. Production is expected to materially increase with phased expansions providing a pathway to sustainable production of , ounces per annum.

This will increase the already excellent cash flow generation of the mine and deliver meaningful value. With well-below average costs at Jacobina, cash flows exceed those from mines that produce significantly, and as much as fifty per cent, more ounces. The mine currently has a reserve life of over 15 years plus a pipeline of resources and exploration targets that we believe will further extend mine life. Work performed since has allowed for the systematic exploration of the Company's large land package in the Jacobina district, which covers kilometres of exploration potential, allowing for the definition of a fourteen-kilometre long belt of gold-bearing conglomerate located north of the mine complex and also extending the known mineralized reefs south of Jo?

Further areas have been identified during reconnaissance exploration programs. Work will continue to define mineralized reefs exposed on surface and follow up with drill testing targeting both extensions of the mine complex and new standalone mine targets. Consequently, the Company sees significant opportunities to grow its regional presence and continue to build the world-class Jacobina Complex. The Phase 2 expansion is progressing ahead of schedule and the mine is now expected to achieve the Phase 2 throughput objective approximately one year ahead of schedule, by the middle of Receipt of the permit not only marks a significant milestone in the Phase 2 ramp up to , ounces of gold per year, but also facilitates the future Phase 3 expansion to increase production up to , ounces per year.

With the Phase 2 expansion advancing ahead of schedule, the Company is now pursuing the Phase 3 expansion to 10, tpd through continued incremental debottlenecking. The Phase 4 expansion, of up to 15, tpd, would increase gold production in excess of , ounces per year. To achieve the target throughput rates, a third grinding line would be added as well as an expansion of the leaching and CIP circuits. As the third ball mill was originally planned as part of the Phase 2 Feasibility Study, engineering for Phase 4 is well advanced.

A comprehensive plan, aligning the processing plant, underground mine, and tailings management strategy, while managing capital expenditures and cash flow, is underway. The Company is further evaluating the strategic options and direction related to Jacobina and the significant exploration that is available along the greenstone belt which hosts the mine.

Jacobina is being envisioned as a complex of multiple mines, and more emphasis is being placed on regional and generative exploration. Cerro Moro Scalable Plant and Heap Leaching Upside Opportunities Cerro Moro has a significant inventory of lower-grade veins that are not fully reflected in the current mineral reserves and mineral resource statements, many of which are wider than the veins currently being mined.

Drilling of these lower-grade veins was not typically followed up with infill drilling in the past as the mineralization is below the current cut-off grade. Cerro Moro was developed as a high-grade, low-tonnage operation but, from the beginning, the Company has considered alternative processing options to allow for economic extraction of lower grade mineralization, including: a scalable plant, where the front end of the plant anticipates higher 2, tpd tonnage, with the expectation of modest capital requirement to achieve this objective, heap leaching of near-surface, lower-grade material to supplement other production.

During the first quarter, Yamana advanced the plant expansion study. Similar to the approach that has proven successful at Jacobina, the Company is considering a low-risk, phased expansion for Cerro Moro with quick payback from the initial phase used to fund subsequent phases. As such, the Company is considering using fine screens instead of cyclones for classification to improve the efficiency of the existing ball mill. The incremental capacity could be used for processing of lower grade mineralization, which is expected to increase annual gold and silver production, and in turn reduce fixed costs per unit at the mine, as those costs would be distributed over additional ounces.

Preliminary analysis based on current operating data indicates that the existing crushing and flotation circuits are adequate for the higher throughput rate and reconfiguration of the leaching circuit could achieve the target throughput without requiring additional leach tanks. Upgrades to the concentrate thickener, clarifying filters, flocculant make-up system, and pumping would likely be required.

Many of the upgrades in phase 1 expansion would be sufficient for a second expansion phase to increase plant throughput to approximately 2, tpd, double the existing capacity, further increasing production and reducing operating unit costs.

The Company is currently evaluating two options for phase 2 expansion, the addition of a high pressure grinding rolls "HPGR" unit before the existing ball mill or the addition of a regrind unit. An expansion of the flotation circuit would also be required. The Company is undertaking additional test work to confirm the optimal flow sheet option and will advance the selected phase 1 and phase 2 expansion options to a pre-feasibility study level, expected for completion in early Positive exploration results achieved throughout successfully replaced depletion of mineral reserves for the first time, as reflected in increased mineral reserves and mineral resources at year-end, turning the corner for the operation.

Significantly, the expansion of higher-grade veins, both within the core mine at Zoe and Martina, and outside the core mine at Naty, extends the Cerro Moro mine life at the current gold equivalent feed grade and existing throughput rate of approximately 1, tonnes per day.

Additional high-grade targets identified in provide a pipeline of opportunities for continued mineral reserves replacement going forward which supports the plant expansion opportunity. Lastly, at a higher level of throughput, the Company may be able to create a greater inventory of mineral resources. Current exploration budgets are designed to allow for the replacement of not only mining depletion but the annual addition of inferred mineral resources for a constant pipeline of high quality mineral resources for an ongoing annual conversion to mineral reserves.

In parallel, a technical study on the potential heap leach project is underway following promising results from metallurgical testing conducted in Conceptual capital and operating cost estimation is expected to be completed in the second quarter, and an initial mineral inventory estimate, based on results from drilling, is planned for mid The results of testing indicate good potential for leaching of both oxidized near-surface vein material, zones with hypogene oxides hematite and some low sulphide gold-bearing veins, with extractions from column leaching averaging Gold recoveries at the Domos La Union and Michelle zones were particularly impressive, averaging Conceptual engineering for a 5, tpd heap leach operation commenced in the fourth quarter.

A conventional heap leach configuration is envisaged with three stages of crushing. The leach pad, solution storage ponds, and Merrill-Crowe plant are conceptually planned to be located approximately 2 kilometres east of the current tailings storage facility. Average feed grade is estimated at approximately 1. As Cerro Moro's mineral inventory increases, the Company will evaluate its options for alternative sources of power, which include a connection to the grid and wind power.

Both options are expected to improve costs and further reduce greenhouse gas emissions, thereby accelerating the achievement of the Company's 1. C science-based carbon emissions reduction target. The transition of Cerro Moro from high-cost diesel-generated electricity to wind power is the most attractive and compelling of several viable greenhouse gas reduction options. C science-based target. Further, it is expected that the transition to wind power would reduce operating costs, expand mineral reserves and mine life.

A detailed evaluation, including a third-party feasibility study of this opportunity is underway. The third-party study to finalize the Company's evaluation of wind power indicates there should be a sufficient and sustainable supply of power as the Cerro Moro area of southern Argentina is considered one of the best on-shore locations in the world for wind energy. The results of the alternative power analysis will be considered in the plant expansion pre-feasibility and heap leach studies to explore synergies between the projects.

If the Company successfully develops both the plant expansion and heap leach projects, which represent significant upside opportunities, along with conversion of the exploration targets to mineral resources, Cerro Moro could produce at least , GEO 2 per year. The pending feasibility study will provide updated mineral reserves, production and project capital cost estimates, and is being overseen by the Technical Committee comprised of members of the three joint venture companies.

The engineering effort for the feasibility study is expected to be completed by the end of and the finalized report in early MARA is the combined project comprised of the Agua Rica site, Alumbrera site, as well as the Alumbrera plant and ancillary buildings and facilities, and will rely on processing ore from the Agua Rica mine at the Alumbrera plant. The project design minimizes the environmental footprint of the project, incorporating the input of local stakeholders. MARA will be among the top 25 copper producers in the world when in production, and is one of the lowest capital intensity copper projects globally.

Work during the first quarter of focused on continuing the progress in advancing the feasibility study engineering, mine design and planning, metallurgical and geotechnical drilling campaigns, field work at site, baseline social and environmental studies, as well as permitting and working with local stakeholders. The field work plan continues, with the drilling campaign now covering the Agua Rica infrastructure and is expected to be completed by the third quarter of The MARA project represents a significant strategic value opportunity and a solid development and growth project.

The Company intends to pursue all available avenues to continue to advance and unlock its value through its controlling interest. The Company is continuing to advance its regional exploration projects, with particular focus being placed on Jacobina and Lavra Velha, which currently represent the best opportunities for advancement of the goals of the generative exploration program. Field activities also advanced at the Company's Ivolandia, Colider and Arenopolis projects, with collection of soil and rock samples and geological mapping at several targets.

An airborne geophysical survey flown over a square kilometre area at Ivol? Exploration in Chile in the first quarter included surface evaluation and target development on several early-stage Yamana projects in several mineral belts, evaluation of select third party opportunities, and regional targeting efforts.

Surface samples collected during the quarter across all projects in Chile totaled rock and soil and stream sediment samples. Controlling shareholders must permanently comply with the solvency requirement, by maintaining at all times a net worth equal to the bank's basic capital in their applicable share prorate. Corporate governance 9. What are the legislative and non-legislative corporate governance rules for banks? Article 40 et seq of the General Banking Act and regulations issued by the CMF provide the general corporate governance framework for Chilean banks.

Rules in the Corporations Act and its regulations also apply to Chilean banks, to the extent not amended by the General Banking Act. Under the General Banking Act, the main body is the board of directors, entrusted with the direction of the bank and proper risk management see Question Directors cannot be both directors and employees of the bank.

There are no special rules for SIFIs regarding corporate governance. What are the organisational requirements for banks? The internal organisation of banks is mostly carried out by the board of directors which must provide necessary governance of the banking entity through the senior management, committees and policies.

The board must adopt necessary measures to remain informed of the management and general situation of the bank. The board must have at least five members and a maximum of 11 and must always be composed of an odd number of directors.

The directors remain in office for three years and can be re-elected. The board must meet once a month. Article 49 of the General Banking Act sets various rules regarding the organisation of banks, such as: Contributions by shareholders can only consist of cash in Chilean pesos. This does not apply in a merger of banks, or an acquisition of assets and liabilities of one bank by another.

The capitalisation of shareholders loans is deemed as cash. There is no limit on the number of shares for which each shareholder can vote in shareholder meetings, except those set by law. The treasury, public services, fiscal institutions, semi-fiscals, autonomous agencies, state-owned companies and, in general, all public services created by law, cannot be shareholders of a bank. It classifies the banks according to their organisational rules as level A, B or C, with A being the most compliant with management proceedings.

The following are considered by the CMF as inherent to good corporate governance and criteria for evaluating a bank's management: Establishing strategic objectives, corporate values, lines of responsibility, monitoring and accountability. Verifying the performance of senior management and compliance with policies established by the board of directors.

Promoting sound internal controls and effective audit. Establishing proper disclosure mechanisms. What is the supervisory regime for management of banks? A director of a bank whether an SIFI or not must not be: A director or employee of any financial institution. In a position appointed by the President of the Republic. An employee of a state company or other associated public entity. An employee of the same bank unless they are general manager for a maximum of 90 days.

Article 49 bis, General Banking Act. The same provision sets several honourability and solvency requirements that directors shall fulfil to be appointed as such. These requirements include not being convicted by serious crimes described thereto; not being sanctioned by infringements to market regulations, and not have incurred in serious conducts that may risk the bank's stability or the safety of its depositors.

It is forbidden to set special requirements, based on the nationality or profession, to be appointed as bank director, and notwithstanding the fulfilment of abovementioned conditions, there are neither specific approvals from regulators nor certifications required in this regard. According to the CMF's Guide to the Banking Supervision Process, the main objective of banking supervision is assessing the quality of risk management used by banks.

According to the Guide to the Banking Supervision Process, Supervision Based on Risks is based on the following pillars that set standards for choosing persons with control functions, based on the levels of technical knowledge required: Government and supervision. The board of directors and the banks' committees must strongly promote the risk policy, requiring and receiving information to correctly asses the risks and apply agreements reached. Risk management framework.

A clear demarcation of the policies and procedures decided by the board, which must be consistent with the bank's volume of business. Measurement and continuous monitoring of risk. This in turn includes: risk quantification: review and evaluation of the bank's risk assessment methodologies, to determine if these are duly documented, updated and consistent with the business depth and volume; timely follow-up of risk: early warnings constantly reviewed under established protocols for risk detection and boundaries that limit the risks, with necessary analysis and bases for it; risk information system: involving a management report structure, this must address the needs of the bank's different levels; and independent review: internal independent and qualified auditing, with adequate depth and coverage.

Its analysis approach should consider risk, compliance with internal policies and regulations, obtaining a recognised and validated opinion by different levels of the bank, and appropriate technological tools for developing their work.

Do any remuneration requirements apply? There are no remuneration policies. What are the risk management rules for banks? The General Banking Act links risk management with solvency, by establishing various categories of banks based on these factors. Chapters of the CMF's Updated Compilation of Rules, on Management and Solvency Classification, states that the board and senior management of a bank must ensure proper management of all relevant risks for their business, while the CMF ensures that this is done properly.

To comply with these requirements, banks must prepare, develop and follow-up a Market Risk Management Policy, to cover issues and subjects detailed in Annex 2 of Chapter Banks are not obliged to have a special committee regarding risk, although they must have an internal organisation with a specialised and sufficiently independent function, in charge of managing the various risks faced by the institution.

To ensure banks meet their risk management obligations, the CMF carries out periodic evaluations. The factors to be examined are: Counterparty risk management and global lending process assessment. Financial risk management and treasury operations. Operational risk management. Administration of exposure risk abroad, and control over investments in companies. Prevention of money laundering and terrorist financing. Management of business strategy and capital management. Management of quality of attention to users and transparency of information.

Management of the internal audit function and the audit committee. These are broadly examined by the CMF, which can classify the bank's performance with accomplishment, material accomplishment, unsatisfactory accomplishment and breach. Every bank must perform an internal evaluation using these criteria once a year, producing a report to be presented to the board and then delivered to the CMF. These rules apply equally to every bank in Chile.

What is the capital adequacy framework that applies to banks? The Chilean banking system is based on the General Banking Act , that was materially amended in January , introducing several innovations on supervision, and adjusting banks' capital requirements and other obligations to the standards set out in Basel III see Question 1. Basic capital must not be less than 4. Main Prudential Requirements What liquidity requirements apply?

The Central Bank updated its liquidity regulation in The key rule is Chapter III. Even though local banks solidly endured the global financial crisis, the Central Bank introduced this rule to prevent future liquidity shocks. The rule states that the board of directors is responsible for setting the liquidity risk assumed by the bank, ensuring that the bank has a liquidity management policy PAL and establishing tolerance levels specific to this risk.

The senior management is responsible for proposing liquidity management policies compatible with the nature, scale and complexity of the business and risk tolerance of the bank to the board, and enforcing and updating the PAL. The PAL must contain stress tests, which must be performed at least quarterly, considering the structure of the bank's assets and liabilities, the scale and complexity of its operations, and possible effects on its cash flow and liquidity position.

The PAL must also establish a formal contingency plan, setting the strategies to be adopted when facing a liquidity deficit in stress scenarios. Under Chapter III. This difference is called a term mismatch. Banking companies must observe the following limits regarding term mismatches: The sum of all term mismatches for up to 30 days cannot exceed the basic capital.

The same requirement must be met considering only flows in foreign currency. The sum of the term mismatches of up to 90 days cannot exceed twice the basic capital. Therefore, projected net cash outflows in 30 days cannot be higher than the equity capital of the bank, and projected net outflows in 90 days cannot surpass twice that amount.

What leverage requirements apply? Legal restrictions to large exposures and related lending have long been in place. This reflects Chile's regulatory framework, which is generally conservative. Most complex activities are explicitly prohibited, for example banks cannot invest directly in equities, commodities or credit default swaps.

Banks can only trade derivatives using two types of underlying assets interest rates and currencies so leverage is strongly limited. Consolidated Supervision Role and Requirements What is the role of consolidated supervision of a bank in your jurisdiction and what are the requirements? Role The regulatory framework entrusts the control of financial institutions to different government agencies.

The CMF controls not only banks but their subsidiaries and banking support companies, as well as retail lenders, credit and saving unions and credit, debit and prepaid card issuers and operators. It also oversees the Securities Market Law, controlling stocks, brokers, listed corporations, funds and other relevant institutions. Financial Stability Council. This was created in to ensure the integrity and soundness of the financial system.

It provides mechanisms for co-ordination and exchange of information for preventive management of systemic risk, and to resolve critical situations involving exercise of the regulators' functions. Law No. A member of the Central Bank is also present at its meetings. The main objectives of the Financial Stability Council are consolidated analysis of information on regulated activities, to: Adequately manage systemic risks. Have proper co-ordination between regulatory bodies, for the integrated supervision of financial conglomerates and implementation of public policies.

Make relevant recommendations on legislative and regulatory rules. The Pensions Superintendency Superintendencia de Pensiones.

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