YAMANA GOLD INC. (TSX:YRI; NYSE:AUY) (“Yamana” or “the Company”) is
herein reporting its financial and operational results for the
first quarter of 2020. The Company posted strong quarterly
production and free cash flow while further reducing net
debt.
The Company has updated its 2020 guidance a
separate announcement relating to which will follow.
FIRST QUARTER HIGHLIGHTS
Strong Net Earnings and Cash Flow,
Further Reduction in Net Debt
- Net earnings of $45.0 million or $0.05 per share basic and
diluted compared to a net loss of $4.1 million or nil per
share basic and diluted a year earlier.(1)
- Adjusted net earnings(1) of $47.2 million or $0.05 per share
basic and diluted compared to adjusted net earnings of $24.0
million or $0.03 per share basic and diluted a year earlier.
- Strong quarterly cash flows from operating activities of $129.4
million, and cash flow from operating activities before net change
in working capital of $164.6 million.
- Cash flows were all in line with or exceeded the average of the
past four quarters, and exceeded all comparable cash flows in the
first quarter of 2019.
- Net free cash flow(2) of $91.1 million exceeded the average of
the past four quarters by 14%, following exceptional operational
performances in the first quarter, despite the challenges stemming
from the pandemic.
- Net debt(3) decreased by $20.0 million in the quarter due to
the positive cash flow from operations. As of March 31, 2020, net
debt(3) was $869.1 million.
- Considering the receipt of funds from the completion of the
Equinox Gold sale transaction that occurred on April 15, 2020, net
debt(3) at the end of the quarter was approximately $786.0 million
on a pro forma basis.
|
Three months ended March 31 |
(In millions of United States Dollars) |
2020 |
2019 |
Net Free Cash Flow(2) |
$91.1 |
|
$(13.6) |
|
Free Cash Flow before Dividends and Debt Repayments(2) |
$38.9 |
|
$(66.6) |
|
(Decrease) Increase in Net Debt(3) |
$(20.0) |
|
$108.3 |
|
(All amounts are expressed in United States
Dollars unless otherwise indicated)(See end notes at the end of
this press release)
Production Exceeds Targets at Jacobina,
El Peñón, and Minera Florida
- Gold production of 192,238 ounces was in line with plan,
highlighted by exceptional performances from Jacobina, El Peñón,
and Minera Florida, which all exceeded their production targets,
and despite government-mandated temporary suspensions of operations
at Cerro Moro and Canadian Malartic.
- Silver production of 2,730,851 ounces was in line with plan,
following a strong performance from El Peñón, which exceeded its
production target.
- Gold equivalent ounce ("GEO")(4) production of 221,746 ounces
was in line with plan despite the GEO ratio being higher at 94.23
than that originally guided at 86.10.
Costs Better Than Plan
- Unitary costs were better than plan during the first quarter,
and comparable to the same period in 2019 despite lower production,
with total cost of sales and cash costs(3) of $1,141 and $694,
respectively, compared to $1,160 and $691 in 2019.
- All-in sustaining costs ("AISC")(3) for the quarter were $1,032
per GEO sold compared to $973 per GEO sold in the same period in
2019.
Annual Dividend Increased by a Further
25%
- Subsequent to quarter end, the Company increased its annual
dividend by a further 25% to $0.0625 per share.
- This represents the third dividend increase announced by the
Company in the past year, for a cumulative total increase of
213%.
Jacobina Optimization Project
Highlights
- Plant throughput exceeded 6,500 tonnes per day ("tpd") during
the first quarter, achieving the Phase 1 expansion objective a full
quarter ahead of schedule.
- Evaluating whether Phase 1 can be further optimized to increase
throughput beyond 6,500 tpd.
- Phase 2 pre-feasibility study ("PFS") is complete, with
preliminary results pointing to total capital costs of $57.0
million, of which $35.0 million is related to the processing plant,
$14.0 million for underground mining and $8.0 million for
infrastructure.
- During the period of the aforementioned Phase 1 optimization,
the Company is advancing studies to further enhance and optimize
Phase 2 as part of the feasibility study with results expected by
mid-2021.
- If implemented, the Phase 2 expansion is expected to increase
annual gold production to 230,000 ounces and reduce operating costs
with a positive impact on cash flow at Jacobina.
- A more complete disclosure on the project and PFS will follow
in May, along with the publishing of a 43-101 report.
MANAGING COVID-19
Yamana continues to take every precaution to
ensure the health and safety of its employees, families, and
communities, and it is working closely with its host communities to
support their needs through this difficult period. The Company
formed a crisis response group in the early phases of the COVID-19
outbreak consisting of its entire senior executive group and
operational leaders to ensure it was in a position to take quick
and decisive action in what was and remains a fluid and fast-moving
environment. It is taking both an immediate and long-term approach
to managing its business that is respectful and mindful of what is
happening in local communities.
For additional information on Yamana’s COVID-19
response please refer to Section 1 of the Company's Management
Discussion and Analysis, which is available on the Company's
website at www.yamana.com, and on SEDAR at www.sedar.com.
CASH FLOW CONTINUES TO RISE
The Company reported strong quarterly cash flows
from operating activities of $129.4 million and cash flows from
operating activities before net change in working capital of $164.6
million. Net free cash flow(2) during the first quarter of $91.1
million exceeded the average of the past four quarters by 14%, and
was significantly higher than the net free cash outflow of $13.6
million in the first quarter of 2019.
The latest quarterly results reflect the impact
of strong production, strong commodity prices, and the positive
impact of foreign exchange on the cost structure of the Company.
Cash flows were all in line or better than the average of the past
four quarters, and better than all comparable cash flows in the
first quarter of 2019.
During the first quarter, the Company incurred
$3.5 million of costs associated with COVID-19 related to temporary
suspensions at certain operations. Normalized for these outflows,
cash flows from operating activities before net change in working
capital would have been $168.1 million.
Net change in working capital movement was a
cash outflow of $35.2 million associated with anticipated and
customary first quarter items, the largest of which was the
normalization of trade payables at certain of the Company's
operations. During the fourth quarter of 2019, working capital was
positively impacted by the timing of receipt of approximately $21.0
million of invoices that were paid in the first quarter of 2020, as
previously disclosed. The Company built-up approximately $7.5
million of critical materials and supplies inventory to avoid
potential supply chain disruptions caused by COVID-19.
COSTS POSITIVELY IMPACTED BY
FOREIGN EXCHANGE MOVEMENTS
Unitary costs were better than plan in the first
quarter of 2020 and comparable to the same period in 2019 despite
lower production, with total cost of sales and cash costs(3) of
$1,141 and $694, respectively, compared to $1,160 and $691 in
2019.
AISC(3) during the first quarter were $1,032 per
GEO sold compared to $973 per GEO sold in the same period in 2019.
The reason AISC(3) increased over the prior year, while cash
costs(3) were relatively unchanged, reflects the higher planned
sustaining capital spend per ounce year-over-year. Additionally, in
the prior year, a component of general and administrative spending
and sustaining and exploration capital expenditures were attributed
to copper, which reduced the costs attributable to GEO by
approximately $20 per ounce when compared to 2020.
Costs were positively impacted by foreign
exchange movements as a result of the Canadian Dollar, Brazilian
Real, Argentine Peso and the Chilean Peso all weakening against the
US Dollar.
CONTINUING IMPROVEMENTS TO
BALANCE SHEET; STRONG LIQUIDITY POSITION
Net debt(3) decreased by $20.0 million during
the quarter as a result of the positive cash flow from operations,
despite the lost production due to COVID-19. As of March 31, 2020,
net debt(3) was $869.1 million. Considering the receipt of funds
from the completion of the Equinox Gold sale transaction that
occurred on April 15, 2020, net debt(3) at the end of the quarter
was approximately $786.0 million on a pro forma basis.
Given the expected lower production in the
second quarter, and depending on metal prices, net debt(3) may
increase in the second quarter. Any increase is expected to be
modest, and at current metal prices, is considered unlikely.
Furthermore, the Company expects to generate more significant net
free cash flow(2) in the second half of the year, sequentially
increasing over the third and fourth quarters.
The Company drew down $200.0 million of its
$750.0 million revolving credit facility as a precaution due to the
current uncertainty around the COVID-19 pandemic. However, due to a
scheduled debt repayment of $56.2 million in the first quarter,
total debt increased by only $144.4 million. As at March 31, 2020,
the Company had cash and cash equivalents of $323.2 million.
Considering the receipt of funds from the completion of the Equinox
sale transaction that occurred on April 15, 2020, the Company had
over $400 million in cash and cash equivalents on a pro-forma basis
at the end of the quarter. The Company currently has no plans to
utilize the funds drawn on its revolving credit facility.
The Company has no pending scheduled debt
repayments or significant capital commitments, with its next
scheduled debt repayment due in March 2022.
Despite the challenging environment, the Company
remains well positioned to achieve its target of a net
debt(3)/EBITDA ratio below 1.0x. The continued potential
monetization of various non-producing assets provide further
opportunities to reduce debt levels and leverage. The Company
recognizes that there is significant value in such assets which
would be more than the total amount of outstanding debt, and along
with cash flows, the Company has more than sufficient resources to
further reduce outstanding debt, thereby further improving
financial flexibility and providing more opportunity for enhanced
value and returns for shareholders. The Company has recently
accomplished the negotiation of the royalty portfolio and the sale
of Equinox shares, with the above objectives in mind.
Summary of Certain Non-Cash and Other
Items Included in Net Earnings
(In millions of United States Dollars, except per share amounts,
totals may not add due to rounding, unaudited) |
Three Months Ended March 31 |
2020 |
2019 |
Non-cash unrealized foreign exchange (gains) losses |
$(11.5) |
|
$10.0 |
|
Share-based payments/mark-to-market of deferred share units |
(0.5) |
|
3.6 |
|
Mark-to-market losses on derivative contracts, investments and
other assets |
2.7 |
|
6.5 |
|
Gain on discontinuation of the equity method of accounting |
(21.3) |
|
— |
|
Costs associated with suspensions of operations in relation to
COVID-19 |
3.5 |
|
— |
|
Other provisions, write-downs and adjustments |
2.6 |
|
2.1 |
|
Non-cash tax on unrealized foreign exchange gains |
30.6 |
|
20.2 |
|
Income tax effect of adjustments |
(1.1) |
|
(0.3) |
|
One-time tax adjustments |
(2.8) |
|
(14.0) |
|
Total adjustments - increase to earnings |
$2.2 |
|
$28.1 |
|
Total adjustments - increase to earnings per
share |
$— |
|
$0.03 |
|
Note: For the three months ended March 31, 2020,
net earnings would be adjusted by an increase of $2.2 million
(2019: increase of $28.1 million).
STRATEGIC DEVELOPMENTS, CONSTRUCTION
DEVELOPMENTS, AND ADVANCE STAGE PROJECTS
Jacobina Optimization
Project
In 2019, Jacobina commenced a project to
optimize the processing plant and stabilize throughput at a
sustainable 6,500 tpd. Yamana refers to this optimization as Phase
1. The first step of the optimization was the installation of an
Advanced Process Control system installed in early 2019. Other
components of the optimization include additional gravity
concentrators, a new induction kiln, replacement of screens, and
new CIP tanks. The project is scheduled for completion in mid-2020,
at a total capital cost of $5.3 million.
The Phase 1 objective of stabilizing process
plant throughput of 6,500 tpd was achieved in the first quarter, a
full quarter ahead of schedule. This was accomplished without the
benefits from the installation of further plant modifications still
to be completed in mid-2020, which are expected to add consistency
and stability to the plant process. Given that Phase 1 progress has
gone better than plan, the Company is assessing whether the
results of Phase 1 can be further optimized to result in
sustainable throughput in excess of 6,500 tpd. It is the Company's
intention to stabilize the operation at the new milling rate
resulting from the optimization of Phase 1 before proceeding to
Phase 2.
For Phase 2, Jacobina would increase in
throughput to between 7,500 and 8,500 tpd. The Company has
completed the Phase 2 PFS, with preliminary results pointing to a
total capital cost of $57.0 million, of which $35.0 million is
related to the processing plant, $14.0 million for underground
mining and $8.0 million for infrastructure. If implemented, it is
expected that the Phase 2 expansion would ramp up annual gold
production to 230,000 ounces and reduce operating costs with a
positive impact on cash flow at Jacobina.
A more complete disclosure on the project and
PFS will follow in May, along with the publishing of a 43-101
report.
During the Phase 1 optimization, the Company
will advance studies to further enhance and optimize Phase 2, as
part of the feasibility study with results expected by
mid-2021.
Separately, Jacobina is studying the
installation of a backfill plant to allow up to 2,000 tpd of
tailings to be deposited in underground voids. Preliminary results
indicate that the project has the potential to reduce environmental
footprint, extend the life of the existing Tailings Storage
Facility, and improve mining recovery, resulting in an increased
conversion of mineral resources to mineral reserves.
Leagold-Equinox Merger and Subsequent
Partial Disposal
On March 10, 2020, an at-market merger between
Leagold Mining and Equinox Gold was completed, resulting in Yamana
owning approximately 9% of the combined company's outstanding
common shares. Yamana recorded a gain of $21.3 million on the
discontinuation of the equity method for Leagold, and the resulting
investment in the combined entity is accounted for as a financial
asset at fair value through other comprehensive income.
On April 15, 2020, the Company closed the sale
of 12,000,000 units of Equinox for gross proceeds of C$120.0
million. Each unit consists of one common share of Equinox owned by
the Company and one-half of a common share purchase warrant of
Equinox that entitle the holder thereof to acquire one additional
common share of Equinox owned by the Company at an exercise price
of C$13.50 for a term of 9 months. Upon completion of the sale,
Yamana held 7,236,380 Equinox shares, representing approximately
3.35% of the issued and outstanding Equinox shares, on a
non-diluted basis. In the event all warrants are exercised, the
total gross proceeds to the Company would be C$201.0 million.
Considering the receipt of the Equinox
transaction proceeds, first quarter ending net debt(3) was reduced
to approximately $786.0 million, on a pro-forma basis. There are
possibilities of further reduction of net debt(3) on an exercise of
the Equinox warrants granted, and on receipt of proceeds from the
Royalty Portfolio sale, expected to close in the second quarter as
noted below.
Sale of Royalty Portfolio
Assets
On February 23, 2020, the Company announced that
it had entered into a definitive purchase agreement to sell a
portfolio of royalty interests and the contingent payment to be
received upon declaration of commercial production at the Deep
Carbonates Project at the Gualcamayo gold mine. The sale is
expected to close in the second quarter of 2020.
The consideration is comprised of a minimum of
$10.0 million and up to $20.0 million of cash due upon closing and
a $45.0 million share position in Guerrero Ventures at a price of
C$0.90 per share with a lock-up period of six months from the
transaction date.
Suyai, Argentina
On April 28, 2020, the Company announced it
entered into a definitive option agreement pursuant to which it
granted CAM, a privately held portfolio management and capital
markets company based in Argentina, owned by Messrs. Eduardo
Elsztain and Saul Zang, the right to acquire up to a maximum 40%
interest in a joint venture formed to hold the Suyai Project. CAM's
portfolio includes the biggest real estate company in the country,
NASDAQ-listed international agricultural companies, along with
banking and mining investments. Through its history, CAM has led
the successful development of significant construction projects
across the country.
An initial amount of $2.0 million was received
by the Company to secure the option. CAM will assume responsibility
for all environmental, social, and governance (“ESG”) matters,
including leading the permitting efforts aimed to advance the
project through its different stages of development. As noted, CAM
has the right to earn a maximum 40% interest in the resulting joint
venture formed to hold the Suyai Project by fulfilling certain
obligations and achieving certain milestones, mostly relating to
ESG matters, and by paying $31.6 million in various installments
plus their proportionate expenses on or before December 31, 2024.
The Company believes there is considerable value, far in excess of
cash value, in fulfilling the obligations and achieving the
milestones relating to ESG matters which would advance the Suyai
project. Through certain of its holding companies, Yamana would
hold the remaining 60% of the joint venture.
In the event the project receives approval to
proceed, Yamana would oversee its development, applying best
industry practices and its experience in project development and
operations in southern Argentina. Development of the project would
occur under the oversight of a board of directors of the holding
company that owns the project with CAM nominating two out of five
directors. Yamana would nominate the other directors. The joint
venture would be a true joint venture with each party being
entitled to its proportion of gold production from the project.
The Company previously completed studies that in
addition to redesigning Suyai as a small scale high-grade
underground project, evaluated different options for ore
processing, which provided favourable project economics.
The preferred option calls for the construction
of a processing facility for on-site production of gold and silver
contained in a high-grade flotation concentrate, which would be
transported by land and by sea to one or more gold smelters
world-wide. As only a flotation concentrate would be produced
at Suyai, no cyanide or other deleterious chemicals would be used
at site. Gold production is expected to reach up to 250,000
ounces annually for an initial eight years.
Canadian Malartic (50% interest),
Canada
The ramp-up of the Barnat deposit is expected to
continue throughout 2020, with meaningful contributions to begin in
2021. On a 50% basis, expansionary capital expenditures related to
the Canadian Malartic Extension Project were $6.0 million during
the first quarter. The Highway 117 road deviation has been
completed and opened to traffic, with the remaining extension work
focused on overburden and rock stripping, expected to be completed
in the second half of 2020.
The Partnership continues to advance and
evaluate several deposits and prospective exploration areas to the
east of the Canadian Malartic open pit, including the new
mineralized zone discovery of East Gouldie as well as the Odyssey,
East Malartic, Sladen, Sheehan, and Rand zones. These discoveries
have the potential to provide new, mostly underground sources of
mineralization for the Canadian Malartic mill, replacing a portion
of the lower grade open pit mineralization, which would increase
production and extend mine life.
Exploration programs are ongoing to evaluate
several deposits and prospective exploration areas. Work in the
first quarter of 2020 focused on delineation of the new East
Gouldie zone, as well as testing targets along strike and
developing targets in the recently acquired Rand property. Drilling
on the Rand property has located several near surface porphyry
bodies with some significant mineralization. The East Gouldie zone
has rapidly advanced since its discovery in November, 2018. The
zone remains open and represents an excellent opportunity for
potential underground mining in the future and significant new
underground inferred mineral resources are expected from the
current drill program.
The Company intends to continue to advance
studies related to the underground mineral resources at Canadian
Malartic, and to continue exploration to define and expand those
underground resources. In 2020, the Partnership is planning the
development of an exploration ramp into Odyssey and East Malartic,
with the purpose of eventually mining their respective upper zones
and provide further exploration access to allow resource drilling
at tighter spacing.
Agua Rica Feasibility Study
During 2019, the Company announced that it had
entered into an integration agreement with Glencore International
AG and Newmont Corporation, pursuant to which the Agua Rica project
would be developed and operated using the existing infrastructure
and facilities of the Alumbrera mine in the Catamarca Province of
Argentina. The Company would own 56.25% of the integrated project.
The Parties established a Technical Committee to direct the
advancement of the Integrated Project.
Subsequently, the Company announced positive PFS
study results, which underscored Agua Rica as a long life, low-cost
project with robust economics and opportunities to realize further
value, including converting economic-grade inferred mineral
resources and expanding throughput scenarios to increase metal
production and returns, among other opportunities. The Integrated
Project generates significant synergies by bringing together the
extensive mineral reserves of Agua Rica with the existing
infrastructure of Alumbrera to create a unique, high quality and
low risk brownfield project with an optimized environmental
footprint that will bring significant value to shareholders, local
communities and stakeholders.
The PFS highlights include a long mine life of
28 years, annual production for the first 10 full years increased
to 533 million pounds of copper equivalent production, cash costs
decreased to $1.29 per pound, all-in sustaining costs (“AISC”)
decreased to $1.52 per pound for the first ten years of production,
net present value (“NPV”) increased to $1.935 billion and an
increased internal rate of return (“IRR”) of 19.7%. Proven and
probable copper mineral reserves increased by 21% to 11.8 billion
pounds and gold mineral reserves increased by 13% to 7.4 million
ounces as at December 31, 2019
The Technical Committee is now advancing towards
a full feasibility study of the Integrated Project, with updated
mineral reserve, production, and project cost estimates. As a
result of COVID-19, general restrictions on businesses around the
world, and in particular in Argentina, have introduced uncertainty
into the timeline of being able to complete certain elements of the
Feasibility Study that depend on environmental permit approvals and
field work. As the permit process is well advanced, work
preparation has begun in anticipation of receiving necessary
authorizations in normal course. The results of the Feasibility
Study are expected by 2021.
EXPLORATION
Generative Exploration
Program
During the first quarter, drilling was initiated
on several projects in Brazil that are part of the Company's
generative exploration program, including Lavra Velha, Borborema,
and Ivolandia. Drilling at Borborema is stepping out from positive
results with high grade copper reported earlier this year with
several drill holes reporting strong massive sulphide with strong
chalcopyrite. Drilling at Ivolandia has some preliminary results
with low grade, near surface oxide mineralization in step out
drilling. Further results are expected from drilling later in the
year on all three targets as well as from drill programs in Chile,
testing district targets in the El Peñón district.
Exploration at Monument Bay
Exploration at the Monument Bay project in 2019
focused on development of a new geological model and definition of
higher grade zones within the overall mineral envelope, to allow
better resource modelling and to provide additional understanding
of the controls on mineralization at the deposit. As well, a
property wide exploration program was initiated utilizing a
heli-portable RC drill rig to sample overburden glacial till and
top-of-bedrock, with drilling in 2019 completed on a 1,500 meter
grid.
A higher grade underground mining scenario,
possibly combined with shallow open pits, may provide an
alternative option to the large open pit scenario that has been
considered in the past. While this option provides resources below
current levels, it provides an economically attractive alternative
with lower capital investment, reduced environmental footprint, and
clear upside exploration potential. To support the evaluation of
the underground mining scenario, a new high-grade geological model
is currently been developed, with preliminary underground mining
studies identifying several well-defined high-grade zones along the
4 kilometer strike of the deposit. This year, the Company plans to
continue to evaluate the underground potential by drilling the
well-defined higher grade zones at depth to determine the extent of
down plunge mineralization and in surrounding areas. Diamond
drilling during the first quarter of 2020 focused on shallow infill
testing of higher grade zones projected to surface, with several
good intercepts reported, confirming the orientation of higher
grade mineralization and providing additional targets for drilling
in the second half of 2020.
Evaluation of the remainder of the project,
which has historically seen little exploration attention, continued
during the quarter with additional RC grid drilling coverage. This
newly applied exploration method opens up the remainder of the
Monument Bay property to exploration and represents a significant
step toward advancing this prospective land package. In 2020, the
drilling program will be augmented with evaluation of other
exploration methods, including pilot test work of a number of
geophysical techniques, as warranted.
For exploration updates relating to operating
mines during the quarter, refer to Section 4: Operating Segments
Performance of the Company's Management, Discussion and Analysis,
which is available on the Company's website at www.yamana.com, and
on SEDAR at www.sedar.com.
KEY STATISTICS
Key operating and financial statistics for the
first quarter 2020 are outlined in the following tables.
Financial Summary
|
Three Months Ended March 31 |
(In millions of United States Dollars, except for per share and per
unit amounts, unaudited) |
2020 |
2019 |
Revenue |
$356.5 |
|
$407.1 |
|
|
Cost of sales excluding depletion, depreciation and
amortization |
(154.3) |
|
(205.8) |
|
Depletion, depreciation and amortization |
(99.4) |
|
(117.7) |
|
Total cost of sales |
(253.7) |
|
(323.5) |
|
Mine operating earnings |
102.8 |
|
83.6 |
|
|
General and administrative expenses |
(15.8) |
|
(21.5) |
|
Exploration and evaluation expenses |
(2.6) |
|
(2.5) |
|
Net earnings (loss) |
45.0 |
|
(4.1) |
|
Net earnings (loss) per share - basic and diluted (i) |
0.05 |
|
— |
|
|
Cash flow generated from operations after changes in non-cash
working capital |
129.4 |
|
12.4 |
|
|
Cash flow from operations before changes in non-cash working
capital |
164.6 |
|
103.2 |
|
|
Cash flows from (used in) investing activities |
(85.8) |
|
(92.0) |
|
Cash flows (used in) from financing activities |
123.3 |
|
91.1 |
|
|
Revenue per ounce of gold |
$1,589 |
|
$1,292 |
|
|
Revenue per ounce of silver |
$18.16 |
|
$15.52 |
|
|
Average realized gold price per ounce |
$1,589 |
|
$1,301 |
|
Average realized silver price per ounce |
$17.47 |
|
$15.52 |
|
(i) For the three months
ended March 31, 2020, the weighted average numbers of shares
outstanding was 951,057,783 (basic) and 952,023,960 (diluted).
Production, Financial and Operating Summary
Costs |
Three Months Ended March 31 |
(In United States Dollars) |
2020 |
2019 |
Per GEO(4) sold |
|
|
Total cost of sales |
$1,141 |
|
$1,160 |
|
Cash Costs(3) |
$694 |
|
$691 |
|
AISC(3) |
$1,032 |
|
$973 |
|
|
Three Months Ended March 31 |
Gold Ounces |
2020 |
2019 |
Canadian Malartic (50%) |
64,763 |
|
83,670 |
|
Jacobina |
43,938 |
|
38,617 |
|
Cerro Moro |
18,743 |
38,471 |
El Peñón |
42,230 |
|
34,025 |
Minera Florida |
22,563 |
|
19,654 |
|
TOTAL |
192,238 |
|
214,438 |
|
|
Three Months Ended March 31 |
Silver Ounces |
2020 |
2019 |
Cerro Moro |
1,374,941 |
|
2,021,489 |
|
El Peñón |
1,355,910 |
|
994,809 |
|
TOTAL |
2,730,851 |
|
3,016,298 |
|
For a full discussion of Yamana’s operational
and financial results, please refer to the Company’s first quarter
2020 Management’s Discussion and Analysis, which is available on
the Company's website at www.yamana.com, and on SEDAR at
www.sedar.com.
The Company will host a conference call and
webcast on Thursday, April 30, 2020, at 8:30 a.m. ET.
First Quarter 2020 Conference
Call |
|
|
|
Toll Free (North America): |
|
1-800-273-9672 |
Toronto Local and International: |
|
416-340-2216 |
Webcast: |
|
www.yamana.com |
|
|
|
Conference Call Replay |
|
|
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The conference call replay will be available
from 12:00 p.m. ET on April 30, 2020, until 11:59 p.m. EDT on May
21, 2020.
Qualified Persons
Scientific and technical information contained
in this news release has been reviewed and approved by Sébastien
Bernier (P. Geo and Senior Director, Geology and Mineral
Resources). Sébastien Bernier is an employee of Yamana Gold Inc.
and a "Qualified Person" as defined by Canadian Securities
Administrators' National Instrument 43-101 - Standards of
Disclosure for Mineral Projects.
About Yamana
Yamana 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. Yamana 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.
FOR FURTHER INFORMATION, PLEASE CONTACT:Investor
Relations and Corporate Communications
416-815-02201-888-809-0925Email: investor@yamana.com
End Notes
(1) Earnings for the three months ended March
31, 2020, were negatively impacted by $2.2 million of items that
management believes may not be reflective of current and ongoing
operations, and which may be used to adjust or reconcile input
models in consensus estimates. For a complete list of adjustments,
refer to 'Section 3: Review of Financial Results' in the Company's
Management's Discussion and Analysis ("MD&A").
(2) The Company has included certain non-GAAP
performance measures in this press release. Detailed
reconciliations for the cash flow metrics can be found at the end
of this press release.
(3) A cautionary note regarding non-GAAP
performance measures as well as detailed reconciliations are
included in 'Section 10: Non-GAAP Performance Measures' of the
Company's MD&A.
(4) GEO includes gold plus silver with silver
converted to a gold equivalent at a ratio of 94.23:1 for the first
quarter. The GEO ratio is calculated based on average market
prices.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS: This news release contains or incorporates by reference
“forward-looking statements” and “forward-looking information”
under applicable Canadian securities legislation and within the
meaning of the United States Private Securities Litigation Reform
Act of 1995. Forward-looking information includes, but is not
limited to information with respect to the Company’s strategy,
plans or future financial or operating performance, results of
feasibility studies, repayment of debt or updates regarding mineral
reserves and mineral resources. Forward-looking statements are
characterized by words such as “plan", “expect”, “budget”,
“target”, “project”, “intend”, “believe”, “anticipate”, “estimate”
and other similar words, or statements that certain events or
conditions “may” or “will” occur. Forward-looking statements are
based on the opinions, assumptions and estimates of management
considered reasonable at the date the statements are made, and are
inherently subject to a variety of risks and uncertainties and
other known and unknown factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. These factors include the outcome of
various planned technical studies, production and exploration,
development and expansion plans at the Company's projects discussed
herein being met, the impact of proposed optimizations at the
Company's projects, changes in national and local government
legislation, taxation, controls or regulations and/or change in the
administration of laws, policies and practices, and the impact of
general business and economic conditions, global liquidity and
credit availability on the timing of cash flows and the values of
assets and liabilities based on projected future conditions,
fluctuating metal prices (such as gold, copper, silver and zinc),
currency exchange rates (such as the Brazilian Real, the Chilean
Peso and the Argentine Peso versus the United States Dollar), the
impact of inflation, possible variations in ore grade or recovery
rates, changes in the Company’s hedging program, changes in
accounting policies, changes in mineral resources and mineral
reserves, risks related to asset dispositions, risks related to
metal purchase agreements, risks related to acquisitions, changes
in project parameters as plans continue to be refined, changes in
project development, construction, production and commissioning
time frames, unanticipated costs and expenses, higher prices for
fuel, steel, power, labour and other consumables contributing to
higher costs and general risks of the mining industry, failure of
plant, equipment or processes to operate as anticipated, unexpected
changes in mine life, final pricing for concentrate sales,
unanticipated results of future studies, seasonality and
unanticipated weather changes, costs and timing of the development
of new deposits, success of exploration activities, permitting
timelines, government regulation and the risk of government
expropriation or nationalization of mining operations, risks
related to relying on local advisors and consultants in foreign
jurisdictions, environmental risks, unanticipated reclamation
expenses, risks relating to joint venture operations, title
disputes or claims, limitations on insurance coverage, timing and
possible outcome of pending and outstanding litigation and labour
disputes, risks related to enforcing legal rights in foreign
jurisdictions, as well as those risk factors discussed or referred
to herein and in the Company's Annual Information Form filed with
the securities regulatory authorities in all provinces of Canada
and available at www.sedar.com, and the Company’s Annual Report on
Form 40-F filed with the United States Securities and Exchange
Commission. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be anticipated, estimated or
intended. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. The Company undertakes no obligation to update
forward-looking statements if circumstances or management’s
estimates, assumptions or opinions should change, except as
required by applicable law. The reader is cautioned not to place
undue reliance on forward-looking statements. The forward-looking
information contained herein is presented for the purpose of
assisting investors in understanding the Company’s expected
financial and operational performance and results as at and for the
periods ended on the dates presented in the Company’s plans and
objectives and may not be appropriate for other purposes.
CAUTIONARY NOTE TO UNITED STATES INVESTORS
CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED MINERAL
RESOURCESThis news release has been prepared in accordance with the
requirements of the securities laws in effect in Canada, which
differ in certain material respects from the disclosure
requirements of United States securities laws contained in Industry
Guide 7. The terms “mineral reserve”, “proven mineral reserve”
and “probable mineral reserve” are Canadian mining terms as defined
in accordance with Canadian National Instrument 43-101 Standards of
Disclosure for Mineral Projects (“NI 43-101”) and the Canadian
Institute of Mining, Metallurgy and Petroleum (the “CIM”) - CIM
Definition Standards on Mineral Resources and Mineral Reserves,
adopted by the CIM Council, as amended. These definitions differ
from the definitions in the disclosure requirements promulgated by
the Securities and Exchange Commission (the “Commission”) contained
in Industry Guide 7. Under Industry Guide 7 standards, a
“final” or “bankable” feasibility study is required to report
mineral reserves, the three-year historical average price is used
in any mineral reserve or cash flow analysis to designate mineral
reserves and the primary environmental analysis or report must be
filed with the appropriate governmental authority.
In addition, the terms “mineral resource”,
“measured mineral resource”, “indicated mineral resource” and
“inferred mineral resource” are defined in and required to be
disclosed by NI 43-101. However, these terms are not defined
terms under Industry Guide 7. Investors are cautioned not to
assume that any part or all of the mineral deposits in these
categories will ever be converted into mineral
reserves. “Inferred mineral resources” have a great amount of
uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all
or any part of an inferred mineral resource will ever be upgraded
to a higher category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility or
pre-feasibility studies, except in rare cases. Investors are
cautioned not to assume that all or any part of an inferred mineral
resource exists or is economically or legally
mineable. Disclosure of “contained ounces” in a mineral
resource is permitted disclosure under Canadian regulations. In
contrast, issuers reporting pursuant to Industry Guide 7 report
mineralization that does not constitute “mineral reserves” by
Commission standards as in place tonnage and grade without
reference to unit measures.
Accordingly, information contained in this news
release may not be comparable to similar information made public by
U.S. companies reporting pursuant to Industry Guide 7.
NON-GAAP FINANCIAL MEASURES AND ADDITIONAL LINE
ITEMS AND SUBTOTALS IN FINANCIAL STATEMENTS
The Company has included certain non-GAAP
performance measures to supplement its Condensed Consolidated
Interim Financial Statements, which are presented in accordance
with IFRS, including the following:
- Cash costs per GEO sold;
- All-in sustaining costs per GEO sold;
- Net debt;
- Net free cash flow;
- Free cash flow available for dividends and debt repayment;
- Average realized price per ounce of gold/silver sold; and
- Adjusted earnings
The Company believes that these measures,
together with measures determined in accordance with IFRS, provide
investors with an improved ability to evaluate the underlying
performance of the Company. Non-GAAP financial measures do not have
any standardized meaning prescribed under IFRS, and therefore they
may not be comparable to similar measures employed by other
companies. The data is intended to provide additional information
and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS.
Management's determination of the components of non-GAAP and
additional measures are evaluated on a periodic basis influenced by
new items and transactions, a review of investor uses and new
regulations as applicable. Any changes to the measures are duly
noted and retrospectively applied as applicable.
For definitions and descriptions of the non-GAAP
measures, other than those noted and reconciled below and
additional subtotals in financial statements, refer to Section 10:
Non-GAAP Financial Measures and Additional Line Items or Subtotals
in Financial Statements of the Company's MD&A for the three
months ended March 31, 2020.
GEO PRODUCTION AND SALES
Production and sales of silver are treated as a
gold equivalent in determining a combined precious metal production
or sales unit, commonly referred to as gold equivalent ounces
("GEO"). Specifically, guidance GEO produced are calculated by
converting silver production to its gold equivalent using relative
gold/silver metal prices at an assumed ratio and adding the
converted silver production expressed in gold ounces to the ounces
of gold production. Actual GEO production and sales calculations
are based on an average realized gold to silver price ratio for the
relevant period.
CASH COSTS AND ALL-IN SUSTAINING
COSTS
The Company discloses “Cash Costs” because it
understands that certain investors use this information to
determine the Company’s ability to generate earnings and cash flows
for use in investing and other activities. The Company believes
that conventional measures of performance prepared in accordance
with IFRS do not fully illustrate the ability of its operating
mines to generate cash flows. The measures, as determined under
IFRS, are not necessarily indicative of operating profit or cash
flows from operating activities.
The measure of Cash Costs and All-in Sustaining
Costs (AISC), along with revenue from sales, is considered to be a
key indicator of a company’s ability to generate operating earnings
and cash flows from its mining operations. This data is furnished
to provide additional information and is a non-GAAP financial
measure. The terms Cash Costs per GEO sold, Cash Costs per pound of
copper sold, AISC per GEO sold and AISC per pound of copper sold do
not have any standardized meaning prescribed under IFRS, and
therefore they may not be comparable to similar measures employed
by other companies. Non-GAAP financial measures should not be
considered in isolation as a substitute for measures of performance
prepared in accordance with IFRS and are not necessarily indicative
of operating costs, operating profit or cash flows presented under
IFRS.
Cash Costs include mine site operating costs
such as mining, processing, administration, production taxes and
royalties which are not based on sales or taxable income
calculations, but are exclusive of amortization, reclamation,
capital, development and exploration costs. The Company believes
that such measure provides useful information about its underlying
Cash Costs of operations. Cash Costs are computed on a weighted
average basis as follows:
- Cash Costs per GEO sold - The total costs used as the numerator
of the unitary calculation represent Cost of Sales excluding DDA,
net of treatment and refining charges. These costs are then divided
by GEO sold. In the case of Chapada, costs directly attributable to
GEO and copper will be allocated on that attributable basis.
Non-attributable costs will be allocated based on the relative
value of revenues for each metal, which will be determined annually
at the beginning of each year.
- Cash Costs of copper - Attributable copper sales costs, divided
by commercial copper pounds sold.
AISC figures are calculated in accordance with a
standard developed by the World Gold Council (“WGC”) (a
non-regulatory, market development organization for the gold
industry). Adoption of the standard is voluntary and the cost
measures presented herein may not be comparable to other similarly
titled measures of other companies.
AISC per sold seeks to represent total
sustaining expenditures of producing and selling GEO from current
operations. The total costs used as the numerator of the unitary
calculation represent Cash Costs (defined above) and includes cost
components of mine sustaining capital expenditures including
stripping and underground mine development, corporate and mine-site
general and administrative expense, sustaining mine-site
exploration and evaluation expensed and capitalized and accretion
and amortization of reclamation and remediation. AISC do not
include capital expenditures attributable to projects or mine
expansions, exploration and evaluation costs attributable to growth
projects, income tax payments, borrowing costs and dividend
payments. Consequently, this measure is not representative of all
of the Company's cash expenditures. In addition, the calculation of
AISC does not include depletion, depreciation and amortization
expense as it does not reflect the impact of expenditures incurred
in prior periods.
- AISC per GEO sold - reflect allocations of the aforementioned
cost components on the basis that is consistent with the nature of
each of the cost component to the GEO production and sales
activities.
- AISC per pound of copper - reflect allocations of the
aforementioned cost components on the basis that is consistent with
the nature of each of the cost component to GEO or copper
production activities.
NET DEBT
The Company uses the financial measure "Net
Debt", which is a non-GAAP financial measure, to supplement
information in its Consolidated Financial Statements. The Company
believes that in addition to conventional measures prepared in
accordance with IFRS, the Company and certain investors and
analysts use this information to evaluate the Company’s
performance. The non-GAAP financial measure of net debt does not
have any standardized meaning prescribed under IFRS, and therefore
it may not be comparable to similar measures employed by other
companies. The data is intended to provide additional information
and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS.
Net Debt is calculated as the sum of the current
and non-current portions of long-term debt net of the cash and cash
equivalent balance as at the balance sheet date. A reconciliation
of Net Debt at March 31, 2020 and December 31, 2019 is provided in
Section 10: of the MD&A for the three months ended March 31,
2020, which has been filed on SEDAR.
NET FREE CASH FLOW AND FREE CASH FLOW BEFORE
DIVIDENDS AND DEBT REPAYMENT
The Company uses the financial measure "Net Free
Cash Flow" and "Free Cash Flow before Dividends and Debt
Repayments", which are non-GAAP financial measures, to supplement
information in its Consolidated Financial Statements. Net Free Cash
Flow and Free Cash Flow do not have any standardized meaning
prescribed under IFRS, and therefore may not be comparable to
similar measures employed by other companies. The Company believes
that in addition to conventional measures prepared in accordance
with IFRS, the Company and certain investors and analysts use this
information to evaluate the Company’s performance with respect to
its operating cash flow capacity to meet non-discretionary outflows
of cash or to meet dividends and debt repayments. The presentation
of Net Free Cash Flow and Free Cash Flow before Dividends and Debt
Repayments are not meant to be a substitute for the cash flow
information presented in accordance with IFRS, but rather should be
evaluated in conjunction with such IFRS measures.
Net free cash flow is calculated as cash flows
from operating activities adjusted for advance payments received
pursuant to metal purchase agreements and other cash flows not
related to current period production, less non-discretionary items
such as sustaining capital expenditures, interest paid, payment of
lease liabilities, cash used in other financing activities. A
reconciliation of Net Free Cash Flow is provided in Section 10: of
the MD&A for the three months ended March 31, 2020 and
comparable period of 2019 which has been filed on SEDAR.
Free Cash Flow before Dividends and Debt
Repayment begins with Net Free Cash Flow and further adjusts for
discretionary and other items that affect cash flow available for
dividend and debt repayments such as expansionary and exploration
capital expenditures, cash flows used in other investing
activities, and the effect of foreign exchange on non-USD
denominated cash. A reconciliation of Free Cash Flow before
Dividends and Debt Repayment is provided below:
Reconciliation of Cash Flows from Operating Activities to non-GAAP
Measures |
Three Months Ended March 31 |
(In millions of United States Dollars) |
2020 |
2019 |
Cash flows from operating activities |
$129.4 |
|
$12.4 |
|
Adjustments to operating cash flows not reflective of current
period operations:: |
|
|
Amortization of deferred revenue |
6.1 |
|
36.0 |
|
Costs associated with COVID-19-related suspension of
operations |
3.5 |
|
— |
|
Non-discretionary items related to the current period |
|
|
Sustaining capital expenditures |
(36.9) |
|
(37.9) |
|
Interest paid |
(5.4) |
|
(17.4) |
|
Payment of lease liabilities |
(4.4) |
|
(5.8) |
|
Cash used in other financing activities |
(1.2) |
|
(0.9) |
|
Net free cash flow |
$91.1 |
|
$(13.6) |
|
Discretionary and other items impacting cash flow available for
dividends and debt repayments |
|
|
Expansionary and exploration capital expenditures |
$(30.2) |
|
$(39.0) |
|
Cash flows used in other investing activities |
(19.6) |
|
(14.4) |
|
Effect of foreign exchange of non-USD denominated cash |
(2.5) |
|
0.4 |
|
|
Free cash flow available for dividends and debt repayments |
$38.9 |
|
$(66.6) |
|
AVERAGE REALIZED METAL PRICES
The Company uses the financial measures "average
realized gold price" and "average realized silver price" which are
non-GAAP financial measures, to supplement in its Consolidated
Financial Statements. Average realized price does not have any
standardized meaning prescribed under IFRS, and therefore they may
not be comparable to similar measures employed by other companies.
The Company believes that in addition to conventional measures
prepared in accordance with IFRS, the Company and certain investors
and analysts use this information to evaluate the Company’s
performance vis-à-vis average market prices of metals for the
period. The presentation of average realized metal prices is not
meant to be a substitute for the revenue information presented in
accordance with IFRS, but rather should be evaluated in conjunction
with such IFRS measure.
Average realized metal price represents the sale
price of the underlying metal before deducting sales taxes,
treatment and refining charges, and other quotational and pricing
adjustments. Average realized prices are calculated as the revenue
related to each of the metals sold, i.e. gold and silver divided by
the quantity of the respective units of metals sold, i.e. gold
ounce and silver ounce. Reconciliations of average realized metal
prices to revenue are provided in Section 10: of the MD&A for
the three months ended March 31, 2020 and comparable period of 2019
which has been filed on SEDAR.
ADJUSTED EARNINGS OR LOSS AND ADJUSTED EARNINGS
OR LOSS PER SHARE
The Company uses the financial measures
“Adjusted Earnings or Loss” and “Adjusted Earnings or Loss per
share” to supplement information in its Consolidated Annual
Financial Statements. The Company believes that in addition to
conventional measures prepared in accordance with IFRS, the Company
and certain investors and analysts use this information to evaluate
the Company’s performance. The presentation of adjusted measures
are not meant to be a substitute for Net Earnings or Loss or Net
Earnings or Loss per share presented in accordance with IFRS, but
rather should be evaluated in conjunction with such IFRS measures.
Adjusted Earnings or Loss and Adjusted Earnings or Loss per share
are calculated as net earnings excluding non-recurring items, items
not related to or having a disproportionate effect on results for a
particular periods and/or not directly related to the core mining
business such as (a) share-based payments and other compensation,
(b) unrealized foreign exchange (gains) losses related to
revaluation of deferred income tax asset and liability on
non-monetary items, (c) unrealized foreign exchange (gains) losses
related to other items, (d) unrealized (gains) losses on
derivatives, (e) impairment losses and reversals on mineral
interests and other assets, (f) deferred income tax expense
(recovery) on the translation of foreign currency inter-corporate
debt, (g) mark-to-market (gains)/ losses on available-for-sale
securities and other assets, (h) one-time tax adjustments to
historical deferred income tax balances relating to changes in
enacted tax rates, (i) reorganization costs, (j) non-recurring
provisions, (k) (gains) losses on sale of assets, (l) any other
non-recurring adjustments and the tax impact of any of these
adjustments calculated at the statutory effective rate for the same
jurisdiction as the adjustment. Non-recurring adjustments from
unusual events or circumstances are reviewed from time to time
based on materiality and the nature of the event or circumstance.
Earnings adjustments for the comparative period reflect both
continuing and discontinued operations.
The terms “Adjusted Earnings or Loss” and
“Adjusted Earnings or Loss per share” do not have a standardized
meaning prescribed by IFRS, and therefore the Company’s definitions
are unlikely to be comparable to similar measures presented by
other companies. Management uses these measures for internal
valuation of the core mining performance for the period and to
assist with planning and forecasting of future operations.
Management believes that the presentation of Adjusted Earnings or
Loss and Adjusted Earnings or Loss per share provide useful
information to investors because they exclude non-recurring items,
items not related to or not indicative of current or future
period's results and/or not directly related to the core mining
business and are a better indication of the Company’s profitability
from operations as evaluated by internal management and the board
of directors. The items excluded from the computation of Adjusted
Earnings or Loss and Adjusted Earnings or Loss per share, which are
otherwise included in the determination of Net Earnings or Loss and
Net Earnings or Loss per share prepared in accordance with IFRS,
are items that the Company does not consider to be meaningful in
evaluating the Company’s past financial performance or the future
prospects and may hinder a comparison of its period-to-period
profitability.
ADDITIONAL LINE ITEMS OR SUBTOTALS IN FINANCIAL
STATEMENTS
The Company uses the following additional line
items and subtotals in the Consolidated Financial Statements as
contemplated in IAS 1: Presentation of Financial Statements:
- Gross margin excluding depletion, depreciation and amortization
— represents the amount of revenue in excess of cost of sales
excluding depletion, depreciation and amortization. This additional
measure represents the cash contribution from the sales of metals
before all other operating expenses and DDA, in the reporting
period.
- Mine operating earnings — represents the amount of revenue in
excess of cost of sales excluding depletion, depreciation and
amortization and depletion, depreciation and amortization.
- Operating earnings — represents the amount of earnings before
net finance income/expense and income tax recovery/expense. This
measure represents the amount of financial contribution, net of all
expenses directly attributable to mining operations and overheads.
Finance income, finance expense and foreign exchange gains/losses
are not classified as expenses directly attributable to mining
operations.
- Cash flows from operating activities before income taxes paid
and net change in working capital — excludes the payments made
during the period related to income taxes and tax related payments
and the movement from period-to-period in working capital items
including trade and other receivables, other assets, inventories,
trade and other payables. Working capital and income taxes can be
volatile due to numerous factors, such as the timing of payment and
receipt. As the Company uses the indirect method prescribed by IFRS
in preparing its statement of cash flows, this additional measure
represents the cash flows generated by the mining business to
complement the GAAP measure of cash flows from operating
activities, which is adjusted for income taxes paid and tax related
payments and the working capital change during the reporting
period.
- Cash flows from operating activities before net change in
working capital — excludes the movement from period-to-period in
working capital items including trade and other receivables, other
assets, inventories, trade and other payables. Working capital can
be volatile due to numerous factors, such as the timing of payment
and receipt. As the Company uses the indirect method prescribed by
IFRS in preparing its statement of cash flows, this additional
measure represents the cash flows generated by the mining business
to complement the GAAP measure of cash flows from operating
activities, which is adjusted for the working capital change during
the reporting period.
The Company’s management believes that their
presentation provides useful information to investors because gross
margin excluding depletion, depreciation and amortization excludes
the non-cash operating cost item (i.e. depreciation, depletion and
amortization), cash flows from operating activities before net
change in working capital excludes the movement in working capital
items, mine operating earnings excludes expenses not directly
associated with commercial production and operating earnings
excludes finance and tax related expenses and income/recoveries.
These, in management’s view, provide useful information of the
Company’s cash flows from operating activities and are considered
to be meaningful in evaluating the Company’s past financial
performance or the future prospects.
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