TIDMAUY
RNS Number : 8408M
Yamana Gold Inc.
26 January 2021
YAMANA GOLD PROVIDES 2021-2023 GUIDANCE AND TEN-YEAR
OVERVIEW
TORONTO, January 26, 2021 (GLOBE NEWSWIRE) -- YAMANA GOLD INC.
(TSX:YRI; NYSE:AUY; LSE:AUY) ("Yamana" or the "Company") herein
provides 2021, 2022, and 2023 production guidance, 2021 cost
guidance, and its 10-year production overview.
The following table presents the Company's total gold, silver
and gold equivalent ounces ("GEO") production expectations in 2021,
2022 and 2023. The Company notes that it guides on GEO production
and costs based on a particular assumption of gold and silver
prices. Although underlying gold and silver production does not
change with the fluctuation in gold and silver prices, the change
in the GEO ratio from such fluctuations may result in a different
GEO production than that guided.
The Company looks at production within a normal range of +/- 3%,
and the guidance values noted below reflect the mid-point of this
production range for the 2021-2023 period.
The production profile for 2021 to 2023 shows sequential growth
in gold production. Several growth opportunities are available, and
in the near and medium-term the Company remains focused on
optimizing the existing portfolio of five operati ng mines while
also advancing studies for various expansion projects and longer
term development assets.
The Company expects to continue its established trend of
delivering stronger production in the second half of the year, with
approximately 53% of production slated for the second half, along
with quarterly sequential increases in production.
2020
(000's ounces) Actual 2021 Guidance 2022 Guidance 2023 Guidance
-------------------------- ------- ------------- ------------- ---------------
Total gold production (i) 780 862 870 889
Total silver production 10,366 10,000 9,360 8,000
Total GEO production (i) 901 1,000 1,000 1,000
-------------------------- ------- ------------- ------------- -------------
(i) GEO assumes gold ounces plus the equivalent of silver ounces
using a ratio of 72:1 for 2021, 2022 and 2023. Included in full
year 2020 production figures are 18,929 gold ounces of
pre-commercial production, related to the Company's 50% interest in
the Canadian Malartic mine's Barnat deposit. Pre-commercial
production ounces are excluded from sales figures, although
pre-commercial production ounces that were sold during their
respective period of production had the corresponding revenues and
cost of sales capitalized to mineral properties.
The following table presents mine-by-mine production results for
Yamana Mines for 2020 and expectations for 2021.
Gold Silver GEO
-------------------
2020 Actual 2020 2020
(000's ounces) (ii) 2021 Guidance Actual 2021 Guidance Actual 2021 Guidance
------------------- ------------ ------------- ------- ------------- ------- ---------------
Canadian Malartic
(50%) (i) 284 350 - - 284 350
Jacobina 178 175 - - 178 175
Cerro Moro 67 90 5,449 5,500 132 166
El Peñón 161 160 4,917 4,500 217 222
Minera Florida 90 87 - - 90 87
----------- ------------- ------- ------------- ------- -------------
Yamana Mines 780 862 10,366 10,000 901 1,000
-------------------- ----------- ------------- ------- ------------- ------- -------------
(ii) Included in full year 2020 production figures are 18,929
gold ounces of pre-commercial production, related to the Company's
50% interest in the Canadian Malartic mine's Barnat deposit.
Pre-commercial production ounces are excluded from sales figures,
although pre-commercial production ounces that were sold during
their respective period of production had the corresponding
revenues and cost of sales capitalized to mineral properties.
Cost Outlook
The Company anticipates that it will continue to incur some
costs in relation to COVID-19 in the near future. Current
expectation of pandemic related costs is that those costs will
continue to be incurred during the first half of the year and begin
to decrease in the second half of the year with a rollout of
vaccinations expected in most countries in which the Company
operates. With increasing numbers of the population receiving the
vaccine, the Company would expect to see increasing immunity and
decreasing caseloads, allowing for gradual easing of our
COVID-related controls and associated costs toward the second half
of 2021 as noted. Total costs are not expected to exceed
approximately $20 million for the year. Similarly to 2020, COVID-19
costs are disclosed as part of mine operating earnings as temporary
suspension, standby and other incremental COVID-19 costs and are
excluded from cash costs and all-in sustaining costs ("AISC").
The expected decline in COVID-19 costs throughout the upcoming
year also corresponds to the Company's customary lower second half
of the year costs, associated with higher production levels.
The following table presents guidance ranges for 2021.
Cash costs per GEO sold (iii) AISC per GEO sold (iii) (iv)
(In US dollars) 2021 Guidance 2021 Guidance
---- ------------------------------ -----------------------------
Canadian Malartic (50%) 635 - 675 850 - 885
Jacobina 565 - 600 735 - 765
Cerro Moro 790 - 835 1,175 - 1,225
El Peñón 620 - 660 835 - 870
Minera Florida 740 - 785 1,065 - 1,105
------------------------------ -----------------------------
Yamana Mines 655 - 695 980 - 1,020
------------------------------ ------------------------------ -----------------------------
(iii) A cautionary note regarding non-GAAP financial measures
and additional subtotals in financial statements are included in
Section 12: Non-GAAP Performance Measures of this MD&A. Total
cost of sales per GEO sold will be provided in conjunction with the
Company's annual results.
(iv) Mine site AISC includes cash costs, mine site general and
administrative expense, sustaining capital, capitalized exploration
and expensed exploration. Consolidated AISC incorporates additional
non-mine site costs including corporate general and administrative
expense.
The following table presents expansionary capital, sustaining
capital and exploration spend expectations by mine for 2021:
Expansionary
capital Sustaining capital Total exploration
(In millions of US Dollars) 2021 Guidance 2021 Guidance 2021 Guidance
---------------------------- ----------------- --------------------- --------------------------
Canadian Malartic (50%) $ 17.0 $ 73.0 $ 15.0
Jacobina 29.0 19.0 12.0
Cerro Moro 1.0 40.0 18.0
El Peñón 1.0 31.0 18.0
Minera Florida 17.0 19.0 11.0
Other capital 1.0 1.0 -
MARA (i) 15.0 - -
Wasamac 5.0 - 11.0
Generative exploration - - 18.0
Other exploration and
overhead - - 7.0
--- ------------ --- ---------------- -------------------------
Total $ 86.0 $ 183.0 $ 110.0
---------------------------- --- ------------ --- ---------------- -------------------------
(i) Related to Yamana's ownership in MARA of 56.25%
Approximately 70% of the Company's expected exploration spend is
capital in nature.
Capital expenditure values for 2021 do not include the cost to
add to long-term ore stockpile balances at Canadian Malartic. These
costs are estimated at $15.0 million for 2021 compared to $5.9
million for 2020, both on a 50% basis.
The following table presents other expenditure expectations for
2021:
(In millions of US Dollars) 2021 Guidance
---------------------------- ---- --------------------
Total DDA $ 470.0 - 500.0
Cash based G&A $ 72.0
Cash income taxes paid (i) $ 180.0 -200.0
---------------------------------- -------------------
(i) 2021 guidance for cash taxes paid is based on metal prices
per the guidance assumption table. Further, cash taxes paid
consider payments made in relation to prior years, as in certain
jurisdictions, payments and true-ups related to a fiscal year's
taxes are settled in the next fiscal year.
Guidance Assumptions
Key assumptions, in relation to the above guidance, are
presented in the table below.
2021 Sensitivity Impact
Change
2020 Actual EBITDA in Cash
(i) 2021 Guidance Change AISC/GEO ($Ms) ($Ms)
---------- ------------- ---------------- --------- ----------- --------- ----------
GEO Ratio 88.86 72.00
Gold $ 1,770 $ 1,800 $50 $5 41.0 34.0
Silver $ 20.51 $ 25.00 $1.00 ($6) 10.0 8.0
USD-CAD 1.34 1.28 5% ($6) 2.0 7.0
USD-BRL 5.16 5.25 5% ($2) 1.0 3.0
USD-ARS 70.65 108.00 5% ($2) 1.0 2.0
USD-CLP 792 725 5% ($4) 3.0 4.0
---------- ------------- ---------------- --------- ----------- --------- ----------
(i) Actual metal prices and exchange rates shown in the table
above are the average metal prices and exchange rates for the year
ended December 31, 2020.
The Company may enter into forward contracts or other risk
management strategies, from time to time, to hedge against the risk
of an increase in the value of foreign currencies in the
jurisdictions in which the Company operates. Please refer to the
Foreign Exchange Hedging Section of this release for further
details.
MINE BY MINE NEAR-TERM OUTLOOK
Canadian Malartic (50%)
Canadian Malartic exceeded its revised 2020 guidance, producing
284,000 ounces of gold. Production last year was impacted by
COVID-19 related restrictions on mining in Quebec and is forecast
to increase in 2021 to 350,000 ounces, with AISC projected to
decline to $850-$885 per ounce from $945 per ounce in 2020. Mining
is transitioning from the Canadian Malartic pit to the Barnat pit,
which is now in commercial production, and 70% of the total tonnes
mined in 2021 are expected to come from Barnat. The Canadian
Malartic pit will be depleted in the first half of 2023, and waste
rock and tailings will be deposited into the pit beginning in
2023.
The operation continues to advance the underground project,
which consists of the East Gouldie, Odyssey, and East Malartic
zones, (collectively known as the Odyssey project). Key development
milestones over the next three years include the development of a
ramp into the Odyssey, East Malartic, and East Gouldie zones, which
will allow for tighter definition drilling to further expand the
mineral resource base, along with headframe construction and shaft
sinking. First production from Odyssey is expected in 2023. These
milestones are included in the production and cost outlooks
provided above. A preliminary economic assessment for the project
is expected to be completed in February 2021.
Jacobina
The Jacobina mine continues to be a standout performer,
consistently exceeding expectations. Production in 2021 is forecast
to be in a similar range to the all-time high recorded in 2020 at
low AISC of $735-$765 per ounce. The operation exceeded the
targeted throughput rate of 6,500 tonnes per day ("tpd") for the
Phase 1 expansion, and it continues to identify and implement
additional processing plant optimizations to further increase
throughput, improve recoveries, and reduce costs. Beyond further
optimizations, the Feasibility Study for Jacobina's Phase 2
expansion plans to increase throughput to 8,500 tpd and raise
annual production to 230,000 ounces remains on track for
mid-2021.
In a separate initiative, Jacobina is evaluating the
installation of a backfill plant that would allow up to 2,000 tpd
of tailings to be deposited in underground voids. In addition to
reducing the mine's environmental footprint, a backfill plant would
extend the life of the mine's existing tailings storage facility
and improve mining recovery, resulting in increased conversion of
mineral resources to mineral reserves.
El Peñón
Overall GEO production in 2021 is forecast to be in line with
production in 2020, but improvements to cost structure are expected
to be realized in 2021, with cash costs expected to range between
$620-$660 per GEO and AISC(1) forecast at between $835-$870 per
GEO. The mine's current production rate-the result of the
right-sizing of the operation initiated in late 2016-increased cash
flow while ensuring the long-term sustainability of the mine.
Exploration successes over the last two years has resulted in an
increase in mineral reserves, unlocking opportunities to
incrementally increase production by leveraging excess processing
capacity at El Peñón. The operation can process approximately 4,200
tpd, which represents upside of 20-30% above currently budgeted
levels, with no additional capital expenditures required.
1. Refers to a non-GAAP financial measure.
Minera Florida
Minera Florida exceeded its full year production guidance,
posting its highest production level since 2010 and the second
highest since entering production in 1986.(1) Gold production is
forecast to be at a similar level in 2021. The strategy at Minera
Florida is to extend mine life and unlock opportunities for
increased annual gold production following an approach similar to
the approach taken at Jacobina. This includes focusing on mineral
reserve development and generating an inventory of prepared mining
areas to increase operational flexibility. The short-term focus is
to achieve consistent throughput of 74,500 tonnes per month ("tpm")
from the underground mine while continuing improvements in the mine
that will increase feed grade to align with mineral reserve grade
and set the stage for further expansions.
1. Excluding gold production from the reclamation of historic tailings.
Cerro Moro
Production and costs in 2020 at Cerro Moro were significantly
impacted by COVID-19 related restrictions on travel and work
rosters. The mine and processing plant are currently running at
full capacity, though COVID-19 continues to present a risk of
further disruptions, particularly during the first half of the
year. Exploration drilling and underground capital development were
also delayed by COVID-19 in 2020. Hence, Cerro Moro is planning
higher production in 2021, but will ramp-up gradually throughout
the year as it mines new underground levels. Exploration drilling
continues in the core mine area at Cerro Moro with positive results
and opportunities to convert mineral resources into mineral
reserves and generate new high-grade discoveries. The operation is
evaluating construction of a heap leach operation, a lower-cost
processing alternative that would allow for the processing of
lower-grade mineral reserves, potentially extending mine life. The
evaluation is in the early stages with a preliminary study
completed and metallurgical lab testing currently underway.
TEN-YEAR PRODUCTION OVERVIEW
A graphic accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/4e5ea3bd-e322-4966-b94e-7c8baf50adfa
1. Production guidance for the period 2021 - 2023 reflects the
mid-point of the production range of +/- 3%.
2. Production from 2024 - 2030 is illustrative production profile.
3. GEO assumes gold plus silver at a ratio of 72:1.
Base Case
Yamana has a strong 10-year base case outlook with a sustainable
production platform of 1 million GEO per year through 2030.
Production will be underpinned by continued operational success at
the Company's existing operations, which have consistently replaced
mineral reserves above depletion.
Robust exploration results are expected to drive incremental
production growth at Minera Florida, which has a low-cost
opportunity to increase capacity at its existing processing plant.
The long-term strategy at Minera Florida is to increase monthly
throughput from 74,500 tpm to 100,000 tpm with a corresponding
production increase of up to 120,000 ounces of gold per year at
AISC below $1,000 per ounce.
At El Peñón, which recently completed its twenty-first year of
production, the Company has a high degree of confidence that it
will continue to replace mineral reserves through new discoveries
and infill drilling on several major veins, thereby maintaining
mine life visibility for at least another 10 years. The operation
is targeting annual production of 260,000 GEO at AISC below $900
per GEO, with the production increase to be supported by the mine's
existing processing capacity of up to 4,200 tpd and no additional
capital spending required.
The base case assumes continuing exploration success at Cerro
Moro, which will support a mine life extension. The Company is
investing in exploration drilling on its large mine property and
surrounding area, which together exceed 300,000 hectares, with
efforts currently focusing on both the core mine area and new
mineralized zones close to existing mineral reserves. Further
upside is available from significant mineralization that has been
identified at below current mineral reserve cut-off grades that
could potentially be mined economically using lower-cost heap leach
processing that would occur in parallel with the existing
processing plant.
The base case also includes the Canadian Malartic underground
project, which represents the next evolution for Canada's largest
gold mine. First production is expected in 2023 from the Odyssey
South zone with the Upper East Gouldie zone expected to come online
in 2027. The most recent underground mineral resource for the
project, which was published in February 2020, showed more than 10
million ounces of gold (100% basis), including 9,596,000 ounces of
inferred mineral resources (100% basis) and 830,000 ounces of
indicated mineral resources (100% basis). In the interim,
exploration results have been exceptional, improving economics and
increasing confidence that the underground project will be a
multi-hundred thousand ounce annual producer for decades. The
Company will provide an updated mineral resource and further
details on the development for the underground project when it
reports its fourth quarter and full year results on February 11,
2021.
The base case scenario also includes the Jacobina Phase 2
expansion, which will increase throughput to 8,500 tpd and raise
annual production to 230,000 ounces, a 28% increase from current
levels. In addition, the Company plans to implement a Phase 3
expansion at Jacobina which, for a modest cost, would increase
throughput to 10,000 tpd without the need for additional grinding
capacity and raise annual production to 270,000 ounces by
approximately 2027.
The Company is well-positioned to fund all exploration,
expansions, projects and opportunities identified in its guidance
and decade-long outlook using available cash and cash flow from
operations. Based on current forecasts, annual expansionary capital
expenditures are expected to be in the range of $100 million and
$125 million, on average, over the next four years, the result of
which is that the Company will be well-positioned to manage all its
capital allocation priorities, objectives and plans, including
payment and increases in dividends. The Company forecasts that it
should be able to sustain its dividend at the current rate even if
the price of gold were to decline to significantly lower levels,
and should be able to support and increase its dividend at the
current price of gold as its cash balances increase. The Company
notes that in addition to its cash balances and cash flows, it also
has interests in securities, instruments and assets that can and,
over time, will likely be monetized, which will further increase
cash balances for redeployment to the Company's capital allocation
priorities, objectives and plans.
Upside Case
The Company's upside case is for annual production to trend
above 1 million GEO by mid-decade, reaching 1.2 million GEO by
approximately 2028. The upside case is underpinned primarily by the
newly acquired Wasamac project-a future underground mine located in
Quebec's Abitibi region just 100 kilometres away from Canadian
Malartic. The project, which is expected to enter production in
2025, currently has a mineral reserve base of 1.8 million ounces of
gold. Based on the 2018 Feasibility Study conducted by Wasamac's
previous owner, Monarch Gold, production is projected at 160,000
ounces of gold per year at a low AISC of $635 per ounce. Yamana
believes there is considerable upside for future exploration
success and mineral resource conversion, with the deposit remaining
open at depth and along strike. The Company will target increasing
the mineral inventory and perform optimizations to enhance the
project's value, advance engineering, and de-risk execution,
leveraging the Company's technical expertise and adhering to its
disciplined capital approach.
Additional Long-Term Upside
The Company has a number of compelling development and
exploration stage projects in its pipeline with the potential to
drive significant long-term production upside towards the end of
the current decade and beyond. These include the MARA project, one
of the largest copper-gold projects in the world; the Suyai
Project, a large gold project in Chubut Province, Argentina, that
is projected to reach production of up to 250,000 ounces annually
in its first eight years; and a number of advanced exploration
projects in the Company's generative exploration program, including
Lavra Velha, Monument Bay, Jacobina Norte, and Borborema. Assuming
just two of these projects, MARA and Suyai, are constructed within
the next 10 years, annual production would almost double
FOREIGN EXCHANGE HEDGING
As at December 31, 2020, the Company had zero-cost collar
contracts, which allow the Company to participate in exchange rate
movements between two strikes, as follows:
Average put
Average call strike price
price (i) (i) Total (ii)
------------------------- ------------ ------------- ---------------
Brazilian Real to USD
January 2021 to June 2021 R$3.85 R$4.31 R$ 93.0 million
------------------------- ------------ ------------- ---------------
(i) R$ = Brazilian Reais
(ii) Evenly split by month.
In addition, as at December 31, 2020, the Company had forward
contracts as follows:
Average forward price (i) Total (ii)
------------------------- ------------------------- ---------------
Brazilian Real to USD
January 2021 to June 2021 R$4.07 R$ 93.0 million
------------------------- ------------------------- ---------------
(i) R$ = Brazilian Reais
(ii) Evenly split by month.
Subsequent to December 31, 2020, the Company entered into new
zero-cost collar contracts, which allow the Company to participate
in exchange rate movements between two strikes, as follows:
Average put
Average call strike price
price (i) (i) Total (ii)
-------------------------- ------------ ------------- ----------------
Brazilian Real to USD
July 2021 to December 2022 R$5.25 R$5.71 R$ 288.0 million
-------------------------- ------------ ------------- ----------------
(i) R$ = Brazilian Reais
(ii) Evenly split by month.
Additionally, the Company entered into new forward contracts as
follows:
Average forward price (i) Total (ii)
------------------------------ --------------------------- -----------------
Brazilian Real to USD
July 2021 to December 2022 R$5.49 R$ 288.0 million
Chilean Peso to USD
February 2021 to December 2021 CLP 736.80 CLP 102.3 billion
Canadian Dollar to USD
------------------------------ --------------------------- -----------------
February 2021 to December 2021 C$1.27 C$220.0 million
------------------------------ --------------------------- -----------------
(i) R$ = Brazilian Reais, CLP = Chilean Pesos, C$ = Canadian Dollars
(ii) Evenly split by month.
CORPORATE UPDATE CALL AND WEBCAST
The Company will provide a corporate update webcast on Tuesday,
January 26, 2021, from 10:00 am-12:00 pm ET (3:00-5:00 pm GMT)
during which it will expand on its guidance and decade-long
outlook, share its strategic priorities, and provide an operational
update. The event will be accessible via conference call or webcast
with further details below. Analysts and investors who intend to
attend or who may not be able to attend the webcast are advised
that a detailed presentation which will be relied upon for the
webcast is available and can be accessed on the Company's website
at www.yamana.com .
Details of Corporate Update Conference Call:
Toll Free (North America): 1-800-898-3989
Toronto Local and International: 416-406-0743
Toll Free (UK) 00-80042228835
Passcode: 7015536#
Webcast: www.yamana.com
Conference Call Replay
Toll Free (North America): 1-800-408-3053
Toronto Local and International: 905-694-9451
Toll Free (UK) 00-80033663052
Passcode: 4698827#
The conference call replay will be available from January 26,
2021, until 11:59 p.m. ET (5:00 am GMT) on February 26, 2021.
About Yamana
Yamana Gold Inc. 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
416-815-0220
1-888-809-0925
Email: investor@yamana.com
FTI Consulting (UK Public Relations)
Sara Powell / Ben Brewerton
+44 203 727 1000
Email: Yamana.gold@fticonsulting.com
Credit Suisse (Joint UK Corporate Broker)
Ben Lawrence / David Nangle
Telephone: +44 (0) 20 7888 8888
Joh. Berenberg Gossler & Co. KG (Joint UK Corporate Broker)
Matthew Armitt / Jennifer Wyllie / Detlir Elezi
Telephone: +44 (0) 20 3207 7800
Peel Hunt LLP (Joint UK Corporate Broker)
Ross Allister / David McKeown / Alexander Allen
Telephone: +44 (0) 20 7418 8900
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, changes to its dividend policy
and dividend reporting, the implementation of a cash reserve fund
in order to sustain dividend level independent of gold prices, the
Company's expectation that it will continue to generate cash flow
and execute on monetization initiatives, some of which will support
the cash reserve fund, 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 unforeseen impacts on cash flow, monetization
initiatives, and available residual cash, an inability to maintain
a cash reserve fund balance that can support current or future
dividend increases, the outcome of various planned technical
studies, production and exploration, development, optimizations and
expansion plans 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, 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,
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 or jointly owned
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.
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END
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Yamana Gold (LSE:AUY)
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