Yamana Gold Announces First Quarter 2019 Results
Press Release
TORONTO, May 01, 2019 — YAMANA GOLD INC. (TSX:YRI; NYSE:AUY) (“Yamana” or “the Company”) is herein reporting its financial and operational results for the first quarter 2019.
The Company exceeded total gold-equivalent ounces (“GEO”)(1) production expectations, and achieved this at GEO costs in line with expectations. For 2019, the Company’s mine-by-mine outlook for production and costs is unchanged.
GEO production for the first quarter was 271,987 reflecting strong performance across the Company’s operations, including year-on-year production increases of 12% at Jacobina, 6% at Minera Florida and continued strong contributions from Cerro Moro. Total gold production was 235,958 ounces and total silver production was 3.02 million ounces. The Company also produced 28.1 million pounds of copper.
First quarter all-in sustaining costs (“AISC”) on a by-product basis(2) were $865 per GEO, cash costs on a by-product basis(2) were $526 per GEO, and total cost of sales were $1,098 per GEO.
Net loss from operations attributable to Yamana equity holders was $4.1 million or $0.00 per share basic and diluted. This includes certain non-cash and other items that may not be reflective of current and ongoing operations reducing the Company’s earnings by $28.1 million or $0.03 per share. Adjusted earnings(2), excluding certain items (see below), were $24.0 million or $0.02 per share.
Cash flows from operating activities for the first quarter were $12.4 million and cash flows from operating activities before net change in working capital were $103.2 million. These amounts include amortization of deferred revenue of $25.1 million related to deliveries under the Company’s copper advanced sales program during the quarter. The program began in the third quarter of 2018 and will continue through the second quarter of 2019. If not for the timing difference of cash proceeds attributable to this transaction, the Company’s cash flows from operating activities before net change in working capital would have been higher by those amounts during the quarters as follows:
IBF4
