Yamana Silver production of 2,730,851 Oz in 1Q
Yamana Gold is reporting its financial and operational results for the first quarter of 2020. The Company posted strong quarterly production and free cash flow while further reducing net debt. The Company has updated its 2020 guidance a separate announcement relating to which will follow. Strong Net Earnings and Cash Flow, Further Reduction in Net Debt, Net earnings of $45.0 million or $0.05 per share basic and diluted compared to a net loss of $4.1 million or nil per share basic and diluted a year earlier.
Adjusted net earnings of $47.2 million or $0.05 per share basic and diluted compared to adjusted net earnings of $24.0 million or $0.03 per share basic and diluted a year earlier, strong quarterly cash flows from operating activities of $129.4 million, and cash flow from operating activities before net change in working capital of $164.6 million.
Cash flows were all in line with or exceeded the average of the past four quarters, and exceeded all comparable cash flows in the first quarter of 2019. Net free cash flow of $91.1 million exceeded the average of the past four quarters by 14%, following exceptional operational performances in the first quarter, despite the challenges stemming from the pandemic.
Gold production of 192,238 ounces was in line with plan, highlighted by exceptional performances from Jacobina, El Peñón, and Minera Florida, which all exceeded their production targets, and despite government-mandated temporary suspensions of operations at Cerro Moro and Canadian Malartic.
Silver production of 2,730,851 ounces was in line with plan, following a strong performance from El Peñón, which exceeded its production target. Gold equivalent ounce production of 221,746 ounces was in line with plan despite the GEO ratio being higher at 94.23 than that originally guided at 86.10.
