(Kitco News) - Yamana Gold (TSX: YRI) yesterday announced strong preliminary Q2 2022 operating results, with total gold equivalent ounce (GEO) production of 260,960 GEO, which is 8% higher than in Q2 2021 (241,341 GEO).
The company said that its gold production during the quarter was 232,542 ounces, up 7% over Q2 2021 (217,402 ounces), and silver production was 2.36 million ounces, up 45% over Q2 2021 (1.63 million ounces).
Yamana noted that Canadian Malartic, Jacobina, El Peñón and Cerro Moro all delivered standout quarters, adding that all-in sustaining costs for the quarter are expected to be less than US$1,090/oz.
Importantly, according to the company’s statement, its year to date operating results comfortably position Yamana 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,” Yamana said.
The company also pointed out that it 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,” the company added.
According to a press-release, this represents an improvement in cash flow generation of nearly $40 million compared to the first quarter of 2022.
Yamana Gold is a Canadian-based precious metals producer with significant gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina.
The company indicated it plans to continue to build on this base through expansion and optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in the Americas.
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