Yamana Gold reports Q4 GEO 264,891

Yamana Gold announced fourth quarter and full year 2022 preliminary operating results. Production during the fourth quarter totaled 264,891 gold equivalent ounces with full year production of 1,005,770 GEO exceeding annual guidance of 1,000,000 GEO. Full year all-in sustaining costs are expected to be below $1,125 per GEO, generally in line with guidance when adjusted for the impact of the higher gold-to-silver ratio. The standout production results, which were realized despite the gold-to-silver ratio being near an all-time high and significantly above what was anticipated in guidance, are a testament to the company’s focus on operational excellence and track record of execution despite inflationary conditions. "As the Executive Chairman and founder of Yamana Gold, I have always advocated for critical mass and scale to drive success in the mining industry. With that said, I am incredibly proud to see this philosophy being fully realized and demonstrated through our proposed transaction with Pan American and Agnico Eagle. I also find it greatly encouraging that this proposal has received positive voting recommendations from both ISS and Glass Lewis, the leading proxy advisory firms," commented Peter Marrone. "Our strong fourth quarter and 2022 operational results are a testament to our track record of operational excellence and demonstrate how our portfolio and management punch well above their weight. Despite the challenging macroeconomic backdrop and ongoing corporate transactions, we have remained focused on consistently delivering impressive results that will translate into strong cash flows and financial strength for the combined companies. We have achieved all of this whilst demonstrating an unwavering commitment to ESG, which will continue to be critical to the success of the combined companies and the wider industry. Together with the integration of managements across both our and Pan American’s organizations, our proposed transaction will be truly transformational. As the shareholder vote rapidly approaches, I am mindful that this could well be our last operational update, and at this time would personally like to express my heartfelt thanks to all the exceptional employees and management of Yamana who have, with their dedication and commitment, once again proven to be what drives value. Our greatest assets are the dedication, support, efforts and results of our management and employees. I am proud of all of you and delighted to have been associated with you."