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Yamana Gold Announces Second Quarter 2016 Results

TORONTO, ONTARIO--(Marketwired - Jul 28, 2016) - YAMANA GOLD INC. (YRI.TO)(AUY) ("Yamana" or "the Company") is herein reporting its financial and operational results for the second quarter 2016, including total gold production of 313,086 ounces, revenue of $466.5 million, net earnings(1) of $32.9 million or $0.03 per share, and adjusted earnings(1,2) of $5.4 million or $0.01 per share. Additional highlights are provided below.

In addition, the Company is herein providing an exploration update for its 50% owned Odyssey deposit, which is located east of the main open pit at Canadian Malartic. The exploration program at Odyssey continues to return positive results and an Inferred Mineral Resource for the Odyssey North zone is expected by year end 2016. The Company expects to provide an exploration update with further details in the coming weeks on several of its properties, in particular, Chapada, Jacobina, Gualcamayo and C1 Santa Luz.

OPERATIONAL HIGHLIGHTS

  • Total gold production of 313,086 ounces at by-product cash costs(2) and all-in sustaining costs ("AISC")(2) per ounce of $664 and $964, respectively.
  • Silver production of approximately 1.8 million ounces at co-product cash costs and AISC per ounce of $8.50 and $12.31, respectively.
  • Copper production of 23.2 million pounds at co-product cash costs and AISC per pound of $1.80 and $2.43, respectively.

FINANCIAL HIGHLIGHTS

  • Revenue of $466.5 million, an increase of $11.5 million compared to the second quarter of 2015 due to increased gold sales, partly offset by lower silver and copper production and significantly lower realized copper price.
  • Net earnings(1) of $32.9 million or $0.03 per share, an increase of $39.9 million or $0.04 per share compared to the second quarter of 2015.
  • Adjusted earnings(1,2) of $5.4 million or $0.01 per share, an increase of $13.7 million or $0.02 per share compared to the second quarter of 2015.
  • Mine operating earnings of $63.7 million, an increase of $7.5 million compared to the second quarter of 2015.
  • Cash flows from operating activities after net change in working capital(3) of $202.0 million, an increase of $78.6 million compared to the second quarter of 2015.
  • Cash flows from operating activities before net change in working capital(2,3) of $202.0 million, an increase of $52.7 million compared to the second quarter of 2015.
  • Net free cash flow(2) of $37.4 million, an increase of $15.2 million compared to the second quarter of 2015.
  • General and administrative expenses of $23.6 million, a decrease of $6.2 million compared to the second quarter of 2015.

(All amounts are expressed in United States dollars unless otherwise indicated.)

Key operating and financial statistics for the second quarter 2016 are outlined in the following tables:

KEY STATISTICS

Three Months
Ending Jun 30th
Six Months
Ending Jun 30th
(In millions of United...

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