Yamana Gold Announces Strong Preliminary Second Quarter Operating Results With Exceptional Performance Across Its Core Asset Portfolio Delivering Production Ahead of Plan; Strategic Initiatives at Jacobina and Wasamac Continue to Advance
JUL 7, 2022
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TORONTO, July 07, 2022 (GLOBE NEWSWIRE) -- YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:AUY) (“Yamana” or “the Company”) today announces strong preliminary second quarter operating results, with total gold equivalent ounce (“GEO”)(1) production of 260,960 GEO(1). Gold production during the quarter was 232,542 ounces with silver production of 2.36 million ounces. Canadian Malartic, Jacobina, El Peñón and Cerro Moro all delivered standout quarters. All-in sustaining costs ("AISC")(2) for the quarter are expected to be less than US$1,090/oz.

The Company generated strong cash flows during the quarter, which strengthened its cash balance and financial flexibility. Cash and cash equivalents increased by more than $30 million to a total quarter-end cash balance of over $328 million from $298 million at the end of the first quarter, exclusive of approximately $215 million in cash available in MARA for utilization by the project. This represents an improvement in cash flow generation of nearly $40 million compared to the first quarter of 2022.

SECOND QUARTER 2022 PRODUCTION RESULTS

Second Quarter 2022 Preliminary Production
GEO(1) Production 260,960
Gold Production (oz.) 232,542
Silver Production (oz.) 2,356,853

Operational Update

Year to date operating results comfortably position the Company to achieve both its annual production and cost guidance. The strong year to date gold equivalent production has exceeded budget despite the gold to silver ratio being near an all-time high and significantly above the Company’s budget assumption for that ratio.
Canadian Malartic produced 87,186 ounces of gold (50% basis) during the second quarter, ahead of plan. Permitting at the Odyssey project remains on schedule while construction is on track and on budget with first production from Odyssey South expected in the first quarter of 2023.
Jacobina had an exceptional second quarter and delivered record quarterly production of 49,662 ounces of gold. Underground mine development work is in line with the mine plan at 1,500 metres per month to gain access to new mining panels. Together with the higher ore tonnes mined, the mine development provides additional flexibility through the build-up of ore stockpiles supporting the higher throughput of the Phase 2 expansion. Production for 2022 is expected to increase for the ninth consecutive year, a trend that is expected to continue in the coming years, as a result of the phased expansion strategy and the exploration programs aimed at generating significant value from the remarkable geological upside of the property.
El Peñón produced 54,068 GEO(1), comprised of 46,627 ounces of gold and 619,981 ounces of silver during the quarter, with June production of 19,077 GEO(1) benefitting from access to the Chiquilla Chica zone which entered into production at the beginning of the month. Optimized mining sequencing, bringing forward zones with a higher gold to silver ratio in the first half of the year, has put El Peñón in an excellent position to achieve full year GEO(1) production guidance.
Minera Florida produced 18,138 ounces of gold during the quarter and remains on track to meet annual production guidance.
Cerro Moro delivered exceptional results, producing 51,906 GEO(1) comprised of 30,929 ounces of gold and 1,736,872 ounces of silver. Production at the mine continues to benefit from the opening of more mining faces and the resultant increase in mill feed coming from higher-grade underground ore, as well as improved recoveries. Production for the first half of 2022 marks the highest half-yearly production since 2019.

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