Apr 30, 2021
Yamana posts strong Q1, standout quarter at Canadian Malartic
< 1 MIN READ
Yamana Gold (TSX: YRI; NYSE: AUY; LSE: AUY) reported a strong first quarter for 2021, posting net earnings $54.7 million on revenue of $422.0 million or $0.06 per share. Cash flow from operations was $160.2 million and net free cash flow was $123.5 million, in line with or above the averages of the three preceding quarters.
As of March 31, 2021, Yamana has cash and cash equivalents of $678.1 million including $222.8 million to use on the Mara copper-gold joint venture where it holds a 56.25% indirect ownership.
The Canadian Malartic gold mine in Quebec beat guidance by producing 89,550 oz. of gold earlier this year. Yamana and its 50% partner Agnico Eagle Mines (TSX: AEM; NYSE: AEM) have made a construction decision to take mining underground (the Odyssey project) at Malartic. The project will extend the life of the operation to at least 2039 after a five-year construction period.