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Yamana Gold Reports Strong Fourth Quarter and Full Year 2021 Results

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Yamana Gold Reports Strong Fourth Quarter and Full Year 2021 Results With Record Cash Flows Driven by Standout Production

Thu, February 17, 2022, 3:46 PM·72 min read


TORONTO, Feb. 17, 2022 (GLOBE NEWSWIRE) -- YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:AUY) (“Yamana” or the "Company”) is herein reporting its financial and operational results for the fourth quarter and full year 2021. Record quarterly gold equivalent ounces ("GEO")(2) production from Yamana mines(4) of 281,388 GEO(2) significantly exceeded the previously provided quarterly guidance of 270,000 GEO(2) with exceptional gold production contributing to the strong performance. Record annual GEO(2) production from Yamana mines(4) of 1,011,180 GEO(2) also exceeded guidance of 1,000,000 GEO(2). Combined with low fourth quarter costs, including total cost of sales, cash costs(1) and all-in sustaining costs ("AISC")(1) of $1,091, $642 and $962 per GEO(2) respectively, the standout operating results generated an all-time quarterly record of $238.2 million in cash flows from operating activities from Yamana mines(4) and strong free cash flow before dividends and debt repayments(1) of $119.6 million.

FOURTH QUARTER AND FULL YEAR HIGHLIGHTS

Financial Results - Record Cash Flows, Increase to Mine Operating Earnings

Fourth quarter net earnings(3) of $109.7 million or $0.11 per share basic and diluted. Adjusted net earnings(1)(3) of $101.4 million or $0.11 per share basic and diluted.

Mine operating earnings of $189.4 million, an increase of 23% quarter-over-quarter.

Cash flows from operating activities reached an all-time quarterly record of $238.2 million from Yamana mines(4), increasing by 25% quarter-over-quarter. Cash flows from operating activities before net change in working capital increased 14% quarter-over-quarter to $230.8 million.

Free cash flow before dividends and debt repayments(1) of $119.6 million, an increase of 47% quarter-over-quarter.

Cash and cash equivalents totalled $525.0 million(8) and the Company has $750.0 million in available credit.

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