TORONTO, Jan. 17, 2023 (GLOBE NEWSWIRE) -- YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:AUY) (“Yamana” or “the Company”) herein announces fourth quarter and full year 2022 preliminary operating results. Production during the fourth quarter totaled 264,891 gold equivalent ounces (“GEO”)(1) with full year production of 1,005,770 GEO(1) exceeding annual guidance of 1,000,000 GEO(1). Full year all-in sustaining costs (“AISC”)(2) are expected to be below $1,125 per GEO(1), 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."

FOURTH QUARTER AND FULL YEAR 2022 RESULTS HIGHLIGHTS

Fourth quarter production of 264,891 GEO(1), comprised of 235,072 ounces of gold and 2.43 million ounces of silver. As expected and previously guided, production in the second half of the year was comparable to that in the first half, with the sequential increase in the fourth quarter over the third quarter mirroring that realized in the second quarter over the first quarter.
Full year production of 1,005,770 GEO(1), including 894,820 ounces of gold, exceeded guidance of 1,000,000 GEO(1) and 870,000 ounces of gold.
Full year AISC(2) is expected to be below $1,125 per GEO(1), generally in line with guidance when adjusted for the impact of the higher gold-to-silver ratio. The effect of a higher gold-to-silver ratio based on comparatively lower silver-to-gold prices is to reduce GEO(1) produced, although the production of underlying metals remain the same.
Exploration in 2022 focused on further defining new discoveries to underpin the Company’s pipeline for growth and longevity and on replacing mining depletion at the operations. Preliminary results are encouraging and suggest another year of replacing mineral reserves and mineral resources at the wholly owned operations. Notable results from the year include: significant progress in converting inferred mineral resources to indicated mineral resources at East Gouldie and Odyssey South, with significant expansion potential and high levels of mineralization continuity and consistency; an updated mineral resource model at Wasamac leading to a 14% increase in gold mineral reserves; and at Jacobina, strong growth in mineral resources in the new and expanding João Belo Sul zone and the pending announcement of a maiden inferred mineral resource for part of the Morro do Vento Leste zone.
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