Yamana Gold Announces Fourth Quarter and Full Year 2016 Results
TORONTO, ONTARIO--(Marketwired - Feb. 16, 2017) - YAMANA GOLD INC. (TSX:YRI)(NYSE:AUY) ("Yamana" or "the Company") is herein reporting its financial and operational results for the fourth quarter and full year 2016, and its Mineral Reserve and Mineral Resource estimate for the year ended December 31, 2016. Full year 2016 results include total gold production of 1.27 million ounces, revenue of $1.79 billion, net loss(1) of $290.8 million or $0.31 per share, and adjusted earnings(1,2) of $43.3 million or $0.05 per share. Additional highlights are provided below.
FULL YEAR OPERATIONAL HIGHLIGHTS
Total gold production of 1.27 million ounces (including nine months of production from Mercedes).
Total silver production of 7.0 million ounces (including nine months of production from Mercedes).
Total copper production of 115.5 million pounds.
Metals from
continuing operations Gold
(oz.) Silver
(M oz.) Copper
(M lbs.)
Produced 1,198,741 6.71 115.5
Sold 1,188,267 6.60 104.9
Costs from
continuing operations Gold
(/oz.) Silver
(/oz.) Copper
(/lbs.)
Total cost of sales per unit sold $1,008 $13.79 $1.93
Co-product cash costs(2) per unit produced $665 $8.96 $1.58
Co-product AISC(2) per unit produced $911 $12.65 $2.03
FULL YEAR 2016 FINANCIAL HIGHLIGHTS
Revenue of $1.79 billion, an increase of $67.1 million compared to 2015 due to higher realized gold and silver prices, partly offset by lower silver and copper production and lower realized copper price.
Net loss(1) of $290.8 million or $0.31 per share, compared to a net loss of $1.7 billion or $1.80 per share in 2015.
Adjusted earnings(1,2) of $43.3 million or $0.05 per share, compared to an adjusted loss of $64.5 million or $0.08 per share in 2015.
Cash flows from operating activities after net change in working capital of $651.9 million, an increase of $137.9 million compared to 2015.
Cash flows from operating activities before net change in working capital(2) of $626.6 million, compared to $654.8 million in 2015. The current year cash flows include a $64 million advance payment received on metal purchase agreements compared to $148 million in the prior year. Excluding these advance payments cash flow from operating activities before net change in working capital increased by nearly $56 million.
Net free cash flow(2) of $211.2 million, an increase of $173.8 million compared to 2015.
(All amounts are expressed in United States dollars unless otherwise indicated.)
From continuing operations.
to a non-GAAP financial measure or an additional line item or subtotal in financial statements. Reconciliations for all non-GAAP financial measures are available at www.yamana.com/Q42016 and in Section 14 of the Company's fourth quarter 2016 Management's Discussion & Analysis, which has been filed on SEDAR.
FOURTH QUARTER OPERATIONAL HIGHLIGHTS
Metals from continuing operations Gold (oz.) Silver (M oz.) Copper (M lbs.)
Produced 319,265 1.63 36.9
Sold 324,197 1.62 34.2
Costs from continuing operations Gold (/oz.) Silver (/oz.) Copper (/lbs.)
Total cost of sales per unit sold $1,004 $15.58 $1.80
Co-product cash costs(2) per unit produced $667 $10.07 $1.44
Co-product AISC(2) per unit produced $928 $14.48 $1.80
FOURTH QUARTER 2016 FINANCIAL HIGHLIGHTS
Revenue of $484.4 million, an increase of $45.3 million compared to the fourth quarter of 2015 due higher metal prices, partly offset by lower copper sales.
Net loss(1) of $355.4 million or $0.38 per share, compared to a net loss of $1.4 billion or $1.53 per share in the fourth quarter of 2015.
Adjusted earnings(1,2) of $6.7 million or $0.01 per share, compared to an adjusted loss of $6.4 million or $0.01 per share in the fourth quarter of 2015.
Cash flows from operating activities after net change in working capital of $163.0 million, compared to $296.8 million in the fourth quarter of 2015.
Cash flows from operating activities before net change in working capital(2) of $147.7 million, compared to $294.3 million in the fourth quarter of 2015. There was no advance payment received on metal purchase agreements for the fourth quarter of 2016, compared to $148 million in the fourth quarter of 2015.
Net free cash flow(2) of $55.2 million, compared to $56.7 million in the fourth quarter of 2015.
YEAR END MINERAL RESERVES AND MINERAL RESOURCES SUMMARY
For the year ended December 31, 2016.
Proven and Probable Mineral Reserves
Tonnes (000s) Grade (g/t) Contained oz. (000s)
Gold 842,152 0.62 16,680
Silver 13,725 182.0 80,290
Tonnes (000s) Grade (%) Contained lbs (M)
Copper 568,987 0.26 3,298
Measured and Indicated Mineral Resources
Tonnes (000s) Grade (g/t) Contained oz. (000s)
Gold 650,114 1.01 21,159
Silver 98,696 17.2 54,604
Tonnes (000s) Grade (%) Contained lbs (M)
Copper 132,012 0.24 698
Inferred Mineral Resources
Tonnes (000s) Grade (g/t) Contained oz. (000s)
Gold 296,781 1.58 15,039
Silver 45,134 52.2 75,701
Tonnes (000s) Grade (%) Contained lbs (M)
Copper 75,920 0.32 535

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Yamana Gold Declares First Quarter Dividend
TORONTO, ONTARIO--(Marketwired - Feb. 16, 2017) - YAMANA GOLD INC. (TSX:YRI)(NYSE:AUY) ("Yamana" or the "Company") declares a first quarter 2017 dividend of $0.005 per share. Shareholders of record at the close of business on March 31, 2017 will be entitled to receive payment of this dividend on April 14, 2017. The dividend is an "eligible dividend" for Canadian tax purposes.