PinnacleART Selected as 2019 Business of the Year by Pasadena Chamber of Commerce
PASADENA, Texas, Feb. 14, 2019 (GLOBE NEWSWIRE) -- PinnacleART has been selected as the 2019 Business of the Year by the Pasadena Chamber of Commerce. The award is given to a local organization that has demonstrated their commitment to the Pasadena community through active involvement in community organizations, financial stewardship, and participation in local events.
Mike Conlon, Mitel Vice President of Global Channels, Recognized as 2019 CRN® Channel Chief
Selected Based on Industry Standing, Dedication to the Channel Community and Success in Driving Growth
Petro-Canada to provide Canadian EV drivers with Canada’s first coast-to-coast network of fast chargers
CALGARY, Alberta, Feb. 13, 2019 (GLOBE NEWSWIRE) -- Petro-Canada, a Suncor business, is building a network of electric vehicle (EV) fast charging stations across the country.
Yamana Gold Announces Fourth Quarter and Full Year 2018 Results
TORONTO, Feb. 14, 2019 (GLOBE NEWSWIRE) -- YAMANA GOLD INC. (TSX:YRI; NYSE:AUY) (âYamanaâ or âthe Companyâ) is herein reporting its financial and operational results for the fourth quarter and full year 2018, and its Mineral Reserve and Mineral Resource estimates as at December 31, 2018.FOURTH QUARTER HIGHLIGHTSGold equivalent ounce (âGEOâ)(1) production from Yamana Mines(2) for the fourth quarter was 310,369, including 270,193 ounces of gold and 3.26 million ounces of silver. Total Yamana gold production(3) was 292,484 ounces. The Company also produced 39.0 million pounds of copper. Full year GEO production from Yamana Mines was 1,041,350, including 940,619 ounces of gold and 8.02 million ounces of silver. Full year copper production was 129.2 million pounds.Full year gold and copper production from Yamana Mines exceeded the higher guidance levels set in October of last year while full year silver production exceeded the lower guidance provided at that time. Original guidance set in February 2018 was for 900,000 ounces of gold, 120 million pounds of copper and 8.15 million ounces of silver.Fourth quarter costs for Yamana Mines included all-in sustaining costs (âAISCâ) on a by-product basis(4) of $656 per GEO; cash costs on a by-product basis(4) of $418 per GEO; and total cost of sales of $1,019 per GEO. Full year costs for Yamana Mines included AISC on a by-product basis(4) of $699 per GEO; cash costs on a by-product basis(4) of $448 per GEO; and total cost of sales of $1,028 per GEO, which was in line with or better than guided ranges for the cost metrics. Refer to page 18 of this press release for additional information on costs by metal on a co-product and by-product basis. Going forward, reported cost metrics and cost guidance will reflect a change to the presentation methodology. Specifically, the Company, as an active member of the World Gold Council, has adopted the updated version of the Guidance Note on AISC, among other changes, that are detailed in Section 2 of the Companyâs fourth quarter 2018 Managementâs Discussion & Analysis, which has been filed on SEDAR. In the Companyâs 2019-2021 Outlook press release, issued on February 14, 2019, cost metrics for 2018 have been restated for the updated methodology to facilitate direct comparisons.(All amounts are expressed in United States dollars unless otherwise indicated.)Gold equivalent ounces include gold plus silver at a ratio of 81.3:1 for Q4 2018 and 79.6:1 for the full year 2018.Yamana Mines include Chapada, El PeÃ±Ã³n, Canadian Malartic, Minera Florida, Jacobina and Cerro Moro.Total Yamana production includes production from Gualcamayo. Refers to a non-GAAP financial measure or an additional line item or subtotal in financial statements. Please see the discussion included at the end of this press release under the heading âNon-GAAP Financial Measures and Additional Line Items and Subtotals in Financial Statementsâ. Reconciliations for all non-GAAP financial measures are available at www.yamana.com/Q42018 and in Section 11 of the Companyâs fourth quarter 2018 Managementâs Discussion & Analysis, which has been filed on SEDAR.Adjusted Earnings(4) for the three months ended December 31, 2018 excluding certain items (see below), were $26.2 million or $0.03 per share. Net loss attributable to Yamana equity holders for the same period, was $61.4 million or $0.06 per share basic and diluted. This includes certain non-cash and other items that may not be reflective of current and ongoing operations, which reduced the Companyâs net income by $87.6 million, or $0.09 per share basic and diluted. Cash flows from operating activities for the fourth quarter were $114.7 million and cash flows from operating activities before net change in working capital(4) were $115.8 million. Fourth quarter cash flows were net of amortization of deferred revenue, $33.3 million of which related to deferred revenue recognized attributable to deliveries under the Companyâs copper advanced sales program during the quarter. Deliveries under the Company's copper advanced sales program began during the third quarter 2018 and will continue until mid-2019. If not for the timing difference of cash proceeds attributable to this transaction, the Companyâs cash flows from operating activities before net change in working capital would have been higher by those amounts during the quarter as follows:(In millions of US Dollars, unless otherwise noted)For the three months ended Illustration of impact due to copper advanced sales programMarch 31, 2018June 30, 2018September 30,2018December 31, 2018March 31, 2019(6)June 30, 2019(6)Cumulative impactCopper pounds to be delivered per contract (millions) 13.2 10.78.28.240.3Cash flows from operating activities before net change in working capital (5)$206.4 $157.5$86.6$115.8n/an/a Impact due to copper advanced sales program (125.0) â 41.7 33.325.124.9âCash flows from operating activities before net change in working capital, normalized for the copper advanced sales program (5)$81.4 $157.5$128.3$149.1n/an/a Refers to a non-GAAP financial measure or an additional line item or subtotal in financial statements. Please see the discussion included at the end of this press release under the heading âNon-GAAP Financial Measures and Additional Line Items and Subtotals in Financial Statementsâ. Reconciliations for all non-GAAP financial measures are available at www.yamana.com/Q42018 and in Section 11 of the Companyâs fourth quarter 2018 Managementâs Discussion & Analysis, which has been filed on SEDAR. Adjusted operating cash flows are adjusted for payments not reflective of current period operations and advance payments received pursuant to metal purchase agreements.For illustration purposes only; the Company intends to provide information each subsequent period reflecting the impact due to the copper advanced sales program over its term.A non-cash impairment reversal of $150.0 million in respect of Jacobina was recognized following the significant increase in mineral reserves and mineral resources, which extends the life of the mine, and other operational improvements. The reversal was offset by non-cash accounting impairments of $151.0 million in respect of Minera Florida and $45.0 million in respect of goodwill on the acquisition of Canadian Malartic. No indicators of impairment or reversal were identified for the other operating mine sites. In addition, the current quarter includes an income tax expense of $33.3 million incurred and payable at the end of the year, following an administrative interpretation of relevant tax legislation and approach by Brazilian tax authorities under that tax legislation in December. The expense was unexpected, not consistent with the Company's interpretations of the tax legislation and inconsistent with past practice. The Company has made the payment so as to avoid penalties and interest but in respect of which, the Company is pursuing legal recourse and remedies. Adjustments to net earnings during the periods noted below are as follows:Summary of Certain Non-Cash and Other Items Included in Net Loss Three Months Ending Dec 31stTwelve Months Ending Dec 31st 2018 2017 2018 2017 Non-cash unrealized foreign exchange losses/(gains)3.2 (1.2)9.5 15.0 Share-based payments/mark-to-market of deferred share units(0.5)3.7 5.3 12.8 Mark-to-market (gains) losses on derivative contracts(2.6)12.8 (9.4)9.3 Net mark-to-market losses (gains) on investment and other assets0.9 (0.5)9.8 2.5 Revision in estimates and liabilities including contingencies0.3 1.9 12.9 (26.6)Gain on sale of subsidiaries(2.7)- (73.7)- Impairment (reversal) of mining and non-operational mineral properties, and properties held for sale(13.0)356.4 250.0 356.5 Impairment of goodwill45.0 - 45.0 - Financing costs paid on early note redemption- - 14.7 - Reorganization costs2.2 1.2 10.1 4.8 Other provisions, write-downs and adjustments16.4 (0.5)34.9 18.5 Non-cash tax unrealized foreign exchange losses/(gains)(43.2)11.6 151.9 9.9 Income tax effect of adjustments and other one-time tax adjustments81.6 (141.3)(64.4)(143.4)TOTAL ADJUSTMENTS(7)87.6 244.1 396.5 259.3 Increase to net loss per share0.09 0.26 0.42 0.27 For the three months ended December 31, 2018, net loss from operations, attributable to Yamana equity holders, would be adjusted by an increase of $87.6 million (2017 - $244.1 million). For the twelve months ended December 31, 2018, net earnings from operations, attributable to Yamana equity holders, would be adjusted by an increase of $396.5 million (2017 - $259.3 million).In the fourth quarter of 2018, the Company completed the previously announced sale of the Gualcamayo mine in Argentina to Mineros S.A. The Company received consideration with a total value of approximately $85 million, which includes cash proceeds of $30 million; $30 million in additional payments related to the advancement of the Deep Carbonates project; and royalties related to metal production at Gualcamayo and the Deep Carbonates project. The consideration received offers significant upside in the case of new oxide discoveries, higher gold prices and/or development of the Deep Carbonates project, thereby preserving considerable optionality. The transaction also includes an option for Mineros to acquire up to a 51% interest in the La Pepa project in Chile.The Company's exploration programs continue to deliver on mineral resources discovery and mineral reserve replacement and growth. The exploration program successfully increased gold mineral reserves to replace 2018 mineral depletion, excluding assets that were disposed of in 2018. On the same basis, measured and indicated gold mineral resources and inferred mineral resources increased by 5% and 7%, respectively. For silver, mineral reserves decreased 3%, measured and indicated mineral resources decreased 4% and inferred mineral resources decreased 3%. For copper, mineral reserves increased 6%, measured and indicated mineral resources increased 55% and inferred mineral resources increased 211%.The balance sheet as at December 31, 2018 includes cash and cash equivalents of $98.5 million with available credit of $705.0 million for total liquidity of $803.5 million. Net debt(4) as at December 31, 2018, was $1.66 billion.Daniel Racine, Yamanaâs President and Chief Executive Officer, commented as follows: âIn 2018 we achieved another year of exceeding our production guidance for all metals and at costs better than or in line with our guidance. Gold and copper exceeded the increased guidance levels we announced in October, while silver production exceeded the guidance that was lowered at that time. Our operational performance would not have been possible without our success in delivering Cerro Moro on time and on budget and exceeding expectations on both production and costs through the first six months of commercial production.Throughout the year we also advanced several strategic initiatives, including closing the sale of the Canadian Malartic exploration properties, the Gualcamayo mine and completion of the business combination between Brio Gold and Leagold in addition to the ongoing evaluation and engagement in discussions relating to scenarios to develop Agua Rica.Overall, we remain in a strong position to carry the Companyâs health and safety, operational, and balance sheet momentum into 2019.âDEVELOPMENT, OPTIMIZATION, AND STRATEGIC INITIATIVESChapada: The Company continues to advance its exploration program with the objective of identifying higher-grade copper and gold opportunities that are near the Chapada mine, completing infill drilling of the Sucupira and Baru deposits which would lead to a pit expansion, and advancing district scale targets. Mineralization has been identified along a 15-kilometre trend with numerous prospective areas under consideration for further drilling. Infill drilling in the Baru area is expected to reduce stripping ratios for the Sucupira deposit and drilling on oxide mineralization, such as Hidrotermalito, brings the potential for heap leaching opportunities that could complement the Suruca Oxides Project. Notwithstanding the focus on the exploration potential to discover higher-grade copper and gold areas, the Company has also advanced other projects that are expected to further enhance returns from the Chapada mine.To this end, the Company has completed studies and evaluations on several of the development opportunities at Chapada and has embarked on a feasibility-level review of a three-phase plan at Chapada. These opportunities range in scope from plant optimization initiatives to enhance copper and gold recoveries, to plant expansions to bring forward cash flows, and pit wall pushbacks to expose higher-grade zones. The study and evaluations include third party design and engineering, estimates of capital expenses, production and operating cost forecasts.Given the nature of the opportunities, the projects can be considered on their own or as part of a phased development plan. This flexibility in approach allows the Company to balance the maximization of value at Chapada with the allocation of capital across the broader Company portfolio.The Phase 1- Plant Optimization Work, with expected recovery improvements in the range of 2% for both metals, has been approved. Associated capital expenditures are estimated to be approximately $9 million. The Company is continuing to prioritize engineering for long lead-time equipment for Phase 1 and, during the fourth quarter, the flotation circuit expansion continued as planned with the installation of six new DFR flotation cells. Commissioning is scheduled for mid-2019.Engineering is being advanced for Phases 2 and 3, an expansion of the Chapada mill, and pushback of the Chapada pit wall to expose higher grade Sucupira ores, respectively. While review of these projects are in the evaluation process, the Company does not anticipate the allocation of significant expansionary capital for these projects before 2021.Based on the work completed to date, the Company estimates the phased plan will provide the foundation to sustain annual production in the range of 100,000 to 110,000 ounces of gold (not including contributions to gold production from identified higher-grade areas of Suruca, which is a gold-only ore body) and 150 to 160 million pounds of copper until at least 2034. This represents an opportunity to deliver significant cash flow increases and cash flow returns on invested capital and an increase to the production outlook, as disclosed in the Chapada NI 43-101 Technical Report dated March 21, 2018. Further project details are expected to be available in mid-2019 with the completion of the Feasibility Study. A development decision for Phase 2 is expected to follow in 2020.Suruca - Gold-Only Oxide and Sulphide Development OpportunityConcurrent with the multi-phase plan for Chapada, development of the gold-only Suruca oxides deposit continues to be evaluated as a standalone heap leach operation for which a feasibility study level update has been completed. Furthermore, the Suruca Sulphides project has been updated in the 2018 exploration results for these ore bodies resulting in an increase of gold mineral resources. The integrated scenario for Suruca ore bodies includes processing of the oxides through a heap leach and processing of the gold-only sulphides through a carbon-in-leach ("CIL") plant located at Chapada. Alternatives to process the sulphide portion of Suruca earlier in the life of mine are currently being contemplated, including an exploration program designed to test further extensions of the sulphide mineralization and metallurgical test work. The Company expects to continue this development program through 2019 in order to build on the results from the 2017 and 2018 programs, which resulted in extensions of the oxide and sulphide deposits.Canadian Malartic: The Canadian Malartic Extension Project is continuing according to plan, with contributions from Barnat expected to begin in 2019 with more meaningful contributions in 2020. On a 50% basis, expansionary capex is expected to be $37 million, of which $34 million is earmarked for the extension project in 2019. Work in the fourth quarter, continued to focus on the highway 117 road deviation, pit preparation and tailings expansion.OTHER OPTIMIZATION AND MONETIZATION INITIATIVESAgua Rica: The Company is continuing its evaluation of and engagement in discussions relating to various development scenarios for Agua Rica. This includes an integration scenario between Agua Rica and Alumbrera pursuant to which a joint pre-feasibility study has started. Concurrently, the Company continues the engagement with the other partners of Alumbrera and with various other stakeholders at the national and provincial level. Separately, the Company continues to advance alternatives for the development of Agua Rica. This includes technical work and analysis for project development options for Agua Rica, as well as the review and consideration of various strategic alternatives, all in an effort to advance the project and surface value. Considerable effort has been undertaken to advance two development scenarios, one a large-scale open pit integrated operation and the other an initially smaller scale but scalable standalone operation. The large-scale open pit scenario contemplates the aforementioned integration with the neighboring Alumbrera mine in which the Company holds a 12.5% interest and for which it expects to complete an updated pre-feasibility study during the first half of 2019.Suyai: The Company previously completed a scoping study that evaluated two options for ore processing, both of which provide favorable project economics. The first considered the construction of a CIL processing facility for the on-site production of gold and silver in the form of dorÃ©. The second considered the construction of a processing facility for on-site production of gold and silver contained in a high-grade concentrate, which would be shipped abroad for subsequent precious metal recovery. Both approaches considered an identical underground configuration with average annual production expected to be in excess of 200,000 ounces of gold and 300,000 ounces of silver. The Company believes both scenarios address past concerns regarding open pit mining, and the development scenario that includes production of an on-site concentrate addresses many of the past concerns regarding the use of cyanide, and would potentially meet provincial regulations currently in place in Chubut. The Company will work with local stakeholders to obtain and sustain its social license should the project progress to a more advanced stage.The Company continues to pursue development plans and other strategic alternatives for the project. Given the extensive amount of work performed, to date the existing scoping study could rapidly progress to a feasibility study allowing for the project to be developed in a short time frame. The Suyai project is one of the highest gold grade development-ready projects in the Americas. While a financial adviser has not been retained at this time, the Company is evaluating its strategic alternatives in addition to development of the project.Monument Bay: The Monument Bay deposits are hosted in the Stull Lake Greenstone Belt comprised by three volcanic assemblages, ranging in age from 2.85 to 2.71 Ga. Gold and tungsten mineralization occurs along the steeply north dipping Twin Lakes Shear Zone and the AZ Sheer Zone.In 2018 approximately 16,270 metres of drilling were completed on the Monument Bay project. The focus was testing targets near the Twin Lakes deposit and testing regional targets. In addition, during the period a new geological interpretation of the deposit was formed and is expected to form the basis for an updated block model and mineral resource estimate. Groundwork is continuing and generating prospects for follow-up testing in 2019.On September 13, 2018, the Company signed an Exploration Agreement with Red Sucker Lake First Nations in relation to the Monument Bay exploration site in Northern Manitoba. This is an important step allowing the Company to solidify a strategic collaboration with this community, as it continues to advance the project.Other: The Company continues to pursue development and strategic initiatives for the 56.7% held Agua De La Falda joint venture with Codelco, located in northern Chile. The historical Jeronimo Feasibility Study focused on maximizing production from the sulfide deposits. The Company completed the study of a low capital start-up project based on the remaining oxide inventory with positive results and is evaluating exploration plans on the highly prospective claims surrounding the mine. Agua De La Falda has installed processing capacity and infrastructure. YEAR END MINERAL RESERVES AND MINERAL RESOURCES SUMMARYAs at December 31, 2018.Proven and Probable Mineral Reserves Tonnes (000s)Grade (g/t)Contained oz. (000s)Gold865,6530.4512,496Silver11,736174.565,828 Tonnes (000s)Grade (%)Contained lbs (M)Copper673,3570.253,784 Measured and Indicated Mineral Resources Tonnes (000s)Grade (g/t)Contained oz. (000s)Gold771,0330.6415,941Silver13,80784.137,317 Tonnes (000s)Grade (%)Contained lbs (M)Copper431,5220.222,090 Inferred Mineral Resources Tonnes (000s)Grade (g/t)Contained oz. (000s)Gold333,5160.9510,162Silver25,77064.453,377 Tonnes (000s)Grade (%)Contained lbs (M)Copper156,9280.23785Additional details relating to the Companyâs mineral reserve and mineral resource estimates as at December 31, 2018 are presented below. Chapada, BrazilAs the result of the continued definition and expansion of the Sucupira mineral reserve, immediately adjacent to the main Chapada pit, gold and copper mineral reserves increased by 6% and 7%, respectively, over the prior year, representing a significant overall improvement over depletion in 2018. Gold measured and indicated mineral resources increased by 20%, while copper increased by 54% compared to the prior year, following the drilling for extensions of the mineral envelopes at Corpo Sul under the Bois River and Santa Cruz mineral resources, in addition to Sucupira and Baru. Gold inferred mineral resources are unchanged from 2017, while copper increased significantly.The following chart summarizes the changes in gold mineral reserves at Chapada as at December 31, 2018 compared to the prior period.A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/a2b0885d-7377-4c2d-a074-05caed4a106cGold mineral reserves in thousands of ounces.Additions at Sucupira and Baru as a result of infill drilling and engineering studies.The following chart summarizes the changes in copper mineral reserves at Chapada as at December 31, 2018 compared to the prior period.A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/945eebb7-1176-4393-8531-e046c6728fbaCopper mineral reserves in millions of pounds.Additions at Sucupira and Baru as a result of infill drilling and engineering studies.El PeÃ±Ã³n, ChileEl PeÃ±Ã³n's mineral reserves increased by 5% for gold and 6% for silver over mining depletion in 2018. Gold measured and indicated mineral resources increased by 24%, while silver increased by 30% compared to the prior year, continuing from numerous secondary vein structures in the east mine area. Lower gold and silver inferred mineral resources reflect conversion to indicated mineral resources.The following chart summarizes the changes in gold mineral reserves at El PeÃ±Ã³n as at December 31, 2018 compared to the prior period.A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/25d422cc-335c-4a1f-842e-7e1d58bd7d9bGold mineral reserves in thousands of ounces.Adjustments with optimization of mine design.Additions with infill drilling and conversion of the low grade stockpile after sampling and metallurgical testing.The following chart summarizes the changes in silver mineral reserves at El PeÃ±Ã³n as at December 31, 2018 compared to the prior period.A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e873b1d4-bbfa-481d-9174-8a57c021c142Silver mineral reserves in thousands of ounces.Adjustments with optimization of mine design.Additions with infill drilling and conversion of the low grade stockpile after sampling and metallurgical testing.Canadian Malartic including Odyssey, Canada (50%)Gold mineral reserves reflect depletion associated with 2018 production at Canadian Malartic. Separately, much of the mineral resource accretion in 2018 is associated with the East Malartic underground. Additional drilling, also at East Malartic and Odyssey, contributed to the 33% increase in gold measured and indicated mineral resources and the 1% increase in gold inferred mineral resources.A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/93a3cf9e-9188-461c-a270-206a08d47e6cGold mineral reserves in thousands of ounces.Adjustments to pit design and cut-off grade.Jacobina, BrazilJacobina successfully increased gold mineral reserves by 11% over 2018 mining depletion. Measured and indicated mineral resources are in line with 2017 and reflect the conversion to mineral reserves. Inferred mineral resources increased significantly by over 800,000 ounces of gold, despite increasing the cut-off grade from 0.5 g/t to 1.0 g/t. The exploration program at Jacobina also achieved the main goal for the year which was to identify and define high-grade mineralization close to current infrastructure. Several zones were defined including down dip of JoÃ£o Belo, Morro do Vento South and the northern portion, Serra do Corrego and Canavieiras Sul. In 2019, the exploratory drilling will continue focusing on the extension of these high-grade zones, including the south extension of JoÃ£o Belo. The definition drilling program will continue in 2019 to increase confidence in reef geometry and fault locations for sectors planned to be mined within the next three years.The following chart summarizes the changes in gold mineral reserves at Jacobina as at December 31, 2018 compared to the prior period.A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/286fc621-c8b1-438d-8505-662cb7a8f53fGold mineral reserves in thousands of ounces.Additions mostly at Morro do Vento with additional reefs.Minera Florida, ChileAt Minera Florida, the decrease in mineral reserves is a result of mine depletion and the application of an updated geological model and more conservative design parameters with higher cut-off grades, especially around the historic mining areas. Gold measured and indicated mineral resources increased by 5%, resulting from an upgrade of certain inferred mineral resources. The PVS and Pataguas zones will be the main targets of 2019 exploration drilling.The following chart summarizes the changes in gold mineral reserves at Minera Florida as at December 31, 2018 compared to the prior period.A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/c9fc2b40-b146-4ad3-82a3-3daed9c27d8bGold mineral reserves in thousands of ounces.Adjustment to geological interpretation and cut-off grade.Additions due to infill drilling.Cerro Moro, ArgentinaAt Cerro Moro, increases in gold and silver mineral reserves partially offset depletion associated with 2018 production. The main increases came from the discovery of new high grade, near surface vein Veronica and the extensions of Nini. Also drilling in the core mine area returned mineralized intercepts at Michelle, Milagros and Tres Lomas which will be followed-up upon in 2019. Updated economical parameters with higher cut-off grades for both mineral reserves and mineral resources had the impact of reducing tonnage, but increasing the overall grade. Due to the previous focus of the site on project development, start-up and ramp-up of operations, long-term exploration effort began in 2018 and as result the current mineral resources do not consider drilling results for the last four months of the year. These results are in the process of being analyzed and are expected to provide good quality targets for 2019. This ultimately resulted in 13% lower gold for remaining measured and indicated mineral resources and 24% lower inferred mineral resources. Regional exploration south of the mine area intercepted a wide zone of mineralization at Naty. These zones are expected to undergo further drilling in 2019, as part of the increased exploration budget allocation to the mine.The following chart summarizes the changes in gold mineral reserves at Cerro Moro as at December 31, 2018 compared to the prior period.A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/ce40cb4e-75b5-4d71-a621-201a6ee21ea5Gold mineral reserves in thousands of ounces.Adjustments to cut-off grade and mine design parameters.Additions of new zones, especially Veronica and Nini.The following chart summarizes the changes in silver mineral reserves at Cerro Moro as at December 31, 2018 compared to the prior period.A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/789900bd-8843-4438-b4bf-2e0fbf3aff8bSilver mineral reserves in thousands of ounces.Adjustments to cut-off grade and mine design parameters.Additions of new zones, especially Veronica and Nini.KEY STATISTICSKey operating and financial statistics for the fourth quarter and full year 2018 are outlined in the following tables.Financial Summary Three Months Ending Dec 31stTwelve Months Ending Dec 31st(In millions of US Dollars except for shares and per share amounts)2018 2017 2018 2017 Revenue483.4 478.8 1,798.5 1,803.8 Cost of sales excluding depletion, depreciation and amortization(266.2)(264.7)(1,010.0)(1,042.4)Depletion, depreciation and amortization(130.9)(100.9)(438.3 )(426.8)Total cost of sales(397.1)(365.6)(1,448.3)(1,469.2)Mine operating earnings (loss)40.3 (143.7)201.2 77.7 General and administrative expenses(21.0)(34.0)(91.8)(113.6)Exploration and evaluation expenses(3.6)(7.0)(13.0)(21.2)Net loss from operations(61.4)(198.3)(297.7)(198.1)Net loss attributable to Yamana Gold equity holders(61.4)(188.6)(284.6)(188.5)Net loss from operations, per share - basic and diluted(1)(0.06)(0.20)(0.30)(0.20)Cash flow generated from operations after changes in non-cash working capital114.7 158.5 404.2 484.0 Cash flow from operations before changes in non-cash working capital(2)115.8 122.3 566.3 498.0 Revenue per ounce of gold1,223 1,269 1,263 1,250 Revenue per ounce of silver14.59 16.46 15.37 16.80 Revenue per pound of copper2.56 2.36 2.70 2.36 Average realized gold price per ounce1,226 1,286 1,267 1,264 Average realized silver price per ounce14.59 16.49 15.37 16.83 Average realized copper price per pound2.90 3.02 2.99 2.78 For the three and twelve months ended December 31, 2018, the weighted average numbers of shares outstanding, basic and diluted, was 949,337 thousand and 949,030 thousand, respectively.Refers to a non-GAAP financial measure or an additional line item or subtotal in financial statements. Please see the discussion included at the end of this press release under the heading âNon-GAAP Financial Measures and Additional Line Items and Subtotals in Financial Statementsâ. Reconciliations for all non-GAAP financial measures are available at www.yamana.com/Q42018 and in Section 11 of the Companyâs fourth quarter 2018 Managementâs Discussion & Analysis, which has been filed on SEDAR.Production, Financial and Operating Summary Three Months Ending Dec 31stTwelve Months Ending Dec 31stGold 2018 2017 2018 2017Total cost of sales per ounce sold - Yamana Mines$999$929$1,008$973Total cost of sales per ounce sold - Total Yamana$1,010$966$1,031$1,023Total cost of sales per ounce sold â consolidated$1,010$980$1,042$1,038Co-product cash costs per ounce produced - Yamana Mines(1)$570$612$614$621Co-product cash costs per ounce produced - Total Yamana(1)$610$660$649$672All-in sustaining co-product costs per ounce produced - Yamana Mines(1)$763$884$816$869All-in sustaining co-product costs per ounce produced - Total Yamana(1)$801$899$843$888Silver 2018 2017 2018 2017Total cost of sales per ounce sold$14.23$13.26$15.58$13.63Co-product cash costs per ounce produced(1)$7.12$8.86$8.25$10.01All-in sustaining co-product costs per ounce produced(1)$9.57$11.90$10.81$13.48Copper 2018 2017 2018 2017Total cost of sales per copper pound sold$1.87$1.68$1.80$1.74Co-product cash costs per pound of copper produced(1)$1.50$1.51$1.51$1.54All-in sustaining co-product costs per pound of copper produced(1)$1.86$1.85$1.90$1.89 Three Months Ending Dec 31stTwelve Months Ending Dec 31stBy-Product Costs 2018 2017 2018 2017By-product cash costs per gold ounce produced - Yamana Mines(1)$420$476$445$490All-in sustaining by-product costs per gold ounce produced - Yamana Mines(1)$657$800$696$788By-product cash costs per silver ounce produced(1)$4.99$7.44$5.90$8.58All-in sustaining by-product costs per silver ounce produced(1)$7.99$11.05$9.11$12.65 Refers to a non-GAAP financial measure or an additional line item or subtotal in financial statements. Please see the discussion included at the end of this press release under the heading âNon-GAAP Financial Measures and Additional Line Items and Subtotals in Financial Statementsâ. Reconciliations for all non-GAAP financial measures are available at www.yamana.com/Q42018 and in Section 11 of the Companyâs fourth quarter 2018 Managementâs Discussion & Analysis, which has been filed on SEDAR. Three Months Ending Dec 31stTwelve Months Ending Dec 31stGold Ounces2018201720182017Chapada40,84136,578121,003119,852El PeÃ±Ã³n37,95639,401151,893160,509Canadian Malartic (50%)84,73280,743348,600316,731Jacobina37,07134,566144,695135,806Cerro Moro45,066- 92,793- Minera Florida24,52623,54081,63590,366Production - Yamana Mines270,193214,828940,619823,263Gualcamayo22,29144,77892,285154,052Production - Total Yamana292,484259,6061,032,903977,315 Three Months Ending Dec 31stTwelve Months Ending Dec 31stSilver Ounces2018201720182017El PeÃ±Ã³n1,186,7891,052,4233,903,9614,282,339Cerro Moro2,077,906- 4,119,085- TOTAL3,264,6951,052,4238,023,0464,282,339 For a full discussion of Yamanaâs operational and financial results and Mineral Reserve and Mineral Resource estimates please refer to the Companyâs fourth quarter 2018 Managementâs Discussion & Analysis and Consolidated Financial Statements which have been filed on SEDAR and are also available on the Companyâs website.MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES Mineral Reserves (Proven and Probable)The following table sets forth the Mineral Reserve estimates for the Companyâs mineral projects as at December 31, 2018. Proven Mineral ReservesProbable MineralReservesTotal Proven & Probable GoldTonnesGradeContainedTonnesGradeContainedTonnesGradeContained (000's)(g/t)oz. (000's)(000's)(g/t)oz. (000's)(000's)(g/t)oz. (000's)Alumbrera (12.5%)8,4350.391062940.3748,7280.39109Canadian Malartic (50%)23,0290.8965855,7991.182,12278,8291.102,780Cerro Moro4310.57151,76611.646611,80911.61675Chapada Zones388,7010.172,103275,9280.161,381664,6290.163,484Suruca Zones11,4540.4215353,7410.5390865,1950.511,062Total Chapada400,1550.182,256329,6690.222,289729,8240.194,546El PeÃ±Ã³n Ore6935.111143,7385.386464,4315.33760El PeÃ±Ã³n Stockpiles172.4111,0291.18391,0471.2040Total El PeÃ±Ã³n7105.041154,7684.476855,4784.55800Jacobina18,5652.321,3859,2902.3971427,8552.342,099Jeronimo (57%)6,3503.917982,3313.792848,6813.881,082Minera Florida Ore6903.61802,5123.542863,2023.56366Minera Florida Tailings00.0001,2480.94381,2480.9438Total Minera Florida6903.61803,7602.683244,4492.82404Total Gold Mineral Reserves457,9770.375,413407,6770.547,083865,6530.4512,496Agua Rica384,8710.253,080524,0550.213,479908,9260.226,559 SilverTonnesGradeContainedTonnesGradeContainedTonnesGradeContained (000's)(g/t)oz. (000's)(000's)(g/t)oz. (000's)(000's)(g/t)oz. (000's)Cerro Moro43620.78571,766653.337,1021,809652.637,959El PeÃ±Ã³n Ore693166.13,7003,738171.720,6304,431170.824,330El PeÃ±Ã³n Stockpiles17107.2601,02915.25021,04616.7562Total El PeÃ±Ã³n710164.73,7604,768137.921,1335,478141.324,893Minera Florida Ore69028.16232,51221.91,7703,20223.22,393Minera Florida Tailings00.001,24814.65841,24814.6584Total Minera Florida69028.16233,76019.52,3534,44920.82,976Total Silver Mineral Reserves1,443112.95,24010,294183.160,58811,736174.565,828Agua Rica384,8713.746,176524,0553.356,070908,9263.5102,246 CopperTonnesGradeContainedTonnesGradeContainedTonnesGradeContained (000's)(%)lbs (mm)(000's)(%)lbs (mm)(000's)(%)lbs (mm)Alumbrera (12.5%)8,4350.40742940.3838,7280.4077Chapada Zones388,7010.252,138275,9280.261,568664,6290.253,707Suruca Zones00.00000.00000.000Total Chapada388,7010.252,138275,9280.261,568664,6290.253,707Total Copper Mineral Reserves397,1360.252,212276,2220.261,571673,3570.253,784Agua Rica384,8710.564,779524,0550.435,011908,9260.499,790 ZincTonnesGradeContainedTonnesGradeContainedTonnesGradeContained (000's)(%)lbs (mm)(000's)(%)lbs (mm)(000's)(%)lbs (mm)Minera Florida Ore6901.53232,5121.13623,2021.2185Minera Florida Tailings00.0001,2480.58161,2480.5816Total Zinc Mineral Reserves6901.53233,7600.94784,4491.04102 MolybdenumTonnesGradeContainedTonnesGradeContainedTonnesGradeContained (000's)(%)lbs (mm)(000's)(%)lbs (mm)(000's)(%)lbs (mm)Alumbrera (12.5%)8,4350.0132.452940.0140.098,7280.0132.54Total Moly Mineral Reserves8,4350.0132.452940.0140.098,7280.0132.54Agua Rica384,8710.033279524,0550.030350908,9260.031629 Mineral Resources (Measured, Indicated, and Inferred)The following tables set forth the Mineral Resource estimates for the Companyâs mineral projects as at December 31, 2018. Measured MineralResourcesIndicated MineralResourcesTotal Measured &IndicatedGoldTonnesGradeContainedTonnesGradeContainedTonnesGradeContained (000's)(g/t)oz. (000's)(000's)(g/t)oz. (000's)(000's)(g/t)oz. (000's)Alumbrera (12.5%)6,7920.39851,9170.54338,7090.42117.8Arco Sul00.00000.00000.000.0Canadian Malartic (50%)1,8851.368313,6151.8078615,5001.74868.7Cerro Moro1810.8361,2245.142021,2415.22208.4Chapada Zones58,8850.12222363,9290.141,676422,8140.141,897.8Suruca Zones1,2840.391681,0390.541,41682,3230.541,432.0Total Chapada60,1690.12238444,9680.223,092505,1370.213,329.8El PeÃ±Ã³n Mine2328.02601,5795.882981,8116.15358.0El PeÃ±Ã³n Tailings00.00000.00000.000.0El PeÃ±Ã³n Stockpiles00.0001,0191.13371,0191.1337.0El PeÃ±Ã³n Total2328.0460.02,598.04.0336.02,8304.35396.0Jacobina24,9992.481,99415,7112.451,23840,7102.473,232.0Jeronimo (57%)7723.77943853.69461,1573.74139.0La Pepa15,7500.61308133,6820.572,452149,4320.572,760.0Lavra Velha00.00000.00000.000.0Minera Florida1,2075.872283,8294.795905,0365.05817.0Monument Bay00.00036,5811.521,78736,5811.521,787.2Suyai00.0004,70015.002,2864,70015.002,286.0Total Gold Mineral Resources111,8230.863,095659,2100.6112,849771,0330.6415,941Agua Rica27,0810.14120173,9170.14776200,9980.14896 SilverTonnesGradeContainedTonnesGradeContainedTonnesGradeContained (000's)(g/t)oz. (000's)(000's)(g/t)oz. (000's)(000's)(g/t)oz. (000's)Cerro Moro181,253.07071,224381.214,9971,241393.515,704El PeÃ±Ã³n Mine232194.61,4501,579207.110,5121,811205.411,962El PeÃ±Ã³n Tailings00.00000.0000.000.00El PeÃ±Ã³n Stockpiles00.0001,01928.809421,01928.8942El PeÃ±Ã³n Total232194.61,4502,598137.111,4542,830141.812,904Minera Florida1,20741.01,5923,82929.23,5945,03632.05,186Suyai00.004,70023.03,5234,70023.03,523Total Silver Mineral Resources 1,45780.13,74912,35184.533,56813,80784.137,317Agua Rica27,0812.42,042173,9172.916,158200,9982.818,200 CopperTonnesGradeContainedTonnesGradeContainedTonnesGradeContained (000's)(g/t)oz. (000's)(000's)(g/t)oz. (000's)(000's)(g/t)oz. (000's)Alumbrera (12.5%)6,7920.37551,9170.24108,7090.3465Chapada Zones58,8850.20261363,9290.221,765422,8140.222,025Suruca Zones00.00000000.000Total Chapada58,8850.20261363,9290.221,765422,8140.222,025Total Copper Mineral Resources65,6760.22316365,8460.221,775 431,5220.222,090 Agua Rica27,0810.45266173,9170.381,447200,9980.391,714 ZincTonnesGradeContainedTonnesGradeContainedTonnesGradeContained (000's)(g/t)oz. (000's)(000's)(g/t)oz. (000's)(000's)(g/t)oz. (000's)Minera Florida1,2072.22623,8291.631385,0361.77197Total Zinc Mineral Resources1,2072.22623,8291.631385,0361.77197 MolybdenumTonnesGradeContainedTonnesGradeContainedTonnesGradeContained (000's)(g/t)oz. (000's)(000's)(g/t)oz. (000's)(000's)(g/t)oz. (000's)Alumbrera (12.5%)6,1920.0141.944620.0130.136,6540.0142.07Total Moly Mineral Resources6,1920.0141.944620.0130.136,6540.0142.07Agua Rica27,0810.04929173,9170.037142200,9980.039172 Inferred MineralResourcesGoldTonnesGradeContained (000's)(g/t)oz. (000's)Alumbrera (12.5%)8480.4613Arco Sul5,0004.02646Canadian Malartic (50%)36,2101.992,319Cerro Moro1,7063.84211Chapada Zones156,0810.08422Suruca Zones12,5650.48194Total Chapada168,6460.11616El PeÃ±Ã³n Mine2,9537.25689El PeÃ±Ã³n Tailings13,7670.55245El PeÃ±Ã³n Stockpiles00.000El PeÃ±Ã³n Total16,7191.74933Jacobina12,1452.581,008Jeronimo (57%)1,1184.49161La Pepa37,9000.50620Lavra Velha3,9344.29543Minera Florida6,4455.011,038Monument Bay41,9461.321,781Suyai9009.90274Total Gold Mineral Resources333,5160.9510,162Agua Rica642,1100.122,444 SilverTonnesGradeContained (000's)(g/t)oz. (000's)Cerro Moro1,706257.814,139El PeÃ±Ã³n Mine2,953254.824,190El PeÃ±Ã³n Tailings13,76718.98,380El PeÃ±Ã³n Stockpiles00.00El PeÃ±Ã³n Total16,71960.632,570Minera Florida6,44529.46,093Suyai90021.0575Total Silver Mineral Resources 25,77064.453,377Agua Rica642,1102.348,124 CopperTonnesGradeContained (000's)(g/t)oz. (000's)Alumbrera (12.5%)8480.214Chapada Zones156,0810.23781Suruca Zones000Total Chapada156,0810.23781Total Copper Mineral Resources156,9280.23785Agua Rica642,1100.344,853 ZincTonnesGradeContained (000's)(g/t)oz. (000's)Minera Florida6,4451.32187Total Zinc Mineral Resources6,4451.32187 MolybdenumTonnesGradeContained (000's)(g/t)oz. (000's)Alumbrera (12.5%)850.0140.03Total Molybdenum Mineral Resources850.0140.03Agua Rica642,1100.034480Mineral Reserve and Mineral Resource Reporting Notes1. Metal Price, Cut-off Grade, Metallurgical Recovery:Mine Mineral Reserves Mineral Resources Alumbrera Projects (12.5%) Alumbrera Deposit Price assumption: $1,250 gold, $2.91 copper Price assumption: $1,250 gold, $2.95 copper Underground cut-off at 0.5% copper equivalent Underground cut-off at 0.43% copper equivalent Metallurgical recoveries average 87.85% for copper and 72.31% for gold Bajo El Durazno Deposit N/A Price assumption: $1,250 gold, $2.95 copper 0.74 g/t Aueq cutoff within underground economic envelope Arco Sul N/A Price assumption: $1,500 gold 2.5 g/t Au cutoff Canadian Malartic (50%) Price assumption: $1,200 gold Price assumption: $1,200 gold Open pit cut-off grades range from 0.374 to 0.384 g/t Au Cut-off grades range from 0.35 g/t Au inside pit to 1.0 g/t Au outside or below pit Metallurgical recoveries for gold range from 87% to 96.7% depending on zone Underground Cut-off grade at Odyssey is 1.15 g/t Au (stope optimized) and at East Malartic Underground is 1.25 g/t Au (stope optimized) Cerro Moro Price assumption: $1,250 gold and $18.00 silver Price assumption: $1,600 gold and $24.00 silver Open pit cut-off at 3.27 g/t gold and Underground cut-off at 5.71 g/t gold 3.0 g/t Aueq cut-off Metallurgical recoveries average 95% for gold and 93% for silver Chapada Chapada Zone Price assumption: $1,250 gold, $3.00 copper Price assumption: $1,600 gold , $4.00 copper Open pit cut-off at $4.06/t (Main Pit, Corpo Sul, Cava Norte and Sucupira) Open pit cut-off at $4.06/t (Chapada pits and Suruca SW) Metallurgical recoveries at Chapada are dependent on zone and average 83.11% for copper and 56.94% for gold Metallurgical recoveries at Chapada are dependent on zone and average 83.11% for copper and 56.94% for gold Suruca Zone Price assumption: $1,300 gold Price assumption: $1,600 gold Cut-off grade 0.19 g/t gold for Suruca oxide Cut-off grade 0.16 g/t gold for Suruca oxide Cut-off grade 0.3 g/t gold for Suruca sulfide Cut-off grade 0.23 g/t gold for Suruca sulphide Metallurgical recoveries for Suruca oxide average 85% for gold Metallurgical recoveries for Suruca oxide average 85% for gold Metallurgical recoveries for Suruca sulphide average 88% for gold Metallurgical recoveries for Suruca sulphide average 88% for gold El PeÃ±Ã³n Price Assumption:$1,250 gold, $18.00 silver Price Assumption:$1,600 Au, $24.00 Ag Open Pit cut-off at 1.75 g/t gold equivalent Underground cut-off at 2.78 g/t gold equivalent except for Pampa Agusta Victoria (2.88 g/t), Chiquilla Chica (2.87 g/t), Laguna (2.85 g/t ) Underground cut-off ranging from 3.57 g/t gold equivalent to 3.70 g/t gold equivalent Fortuna-Dominador zones (2.84 g/t). Mill recoveries of 95% and 86.5% used for Mineral Resource Estimation Low grade stockpiles cut-off 0.95 g/t gold equivalent Mineral Resources contained in tailings and stockpiles reported at cut-offs of 05.0 g/t and 0.79 g/t gold equivalent respectively Metallurgical recoveries for open pit ores range from 89.0% to 95.6% for gold and from 80.7% to 97.7% for silver Metallurgical recoveries range from 87.2% to 99.0% for gold and from 59.8% to 92.6% for silver Metallurgical recoveries for underground ores range from 87.2% to 99.0% for gold and from 59.8% to92.6% for silver Metallurgical recoveries for tailings estimated to be 60% for gold and 30% for silver Metallurgical recoveries for low grade stockpiles are 95.2% for gold and83.0% for silver Metallurgical recoveries for stockpiles estimated to be 88.0% for gold and 80.8% for silver Jacobina Price assumptions: $1,250 gold Price assumptions: $1600 gold Underground cut-off grade is 1.20 g/t gold Underground cut-off grade is 1.0 g/t gold with a minimum mining width of 1.5 metres Metallurgical recovery is 96% Jeronimo (57%) Price Assumption: $900 Au Cut-off grade at 2.0 g/t gold Cut-off grade at 2.0 g/t gold Metallurgical recovery for Au is 86%. La Pepa N/A Price Assumption: $780 Au cut-off grade at 0.30 g/t gold Lavra Velha N/A Price assumption: $1,300 gold and $3.50 copper cut-off grade at 0.2g/t gold and 0.1% copper Minera Florida Price assumption: $1,250/oz gold, $18.00/oz silver and $1.25/lb Zn. Price assumption: $1,250/oz gold, $18.00/oz silver and $1.25/lb Zn Underground cut-offs for Las Pataguas Zone USD90.75/t and for the Core Mine Zones USD94.79/t Underground cut-off grade is 2.50 g/t gold Metallurgical recoveries are 90.16% for gold, 52.31% for silver and 68.80% for zinc Metallurgical recoveries are 90.16% for gold, 52.31% for silver and 68.80% for zinc Monument Bay N/A Price Assumption: $1,200 Au Cut-off grades are 0.4 g/t gold and 0.7 g/t gold for the open pits and 4.0 g/t gold for underground Suyai N/A 5.0 g/t Au cut-off inside mineralized wireframe modeling Agua Rica Price assumption: $1,000/oz gold, $2.25/lb copper, $17.00/oz silver and $12.00/lb molybdenum Cut-off grade at 0.2% Copper Metallurgical recoveries are 84.9% for copper, 52.7% for gold, 67.6% for silver, 65.9% for zinc and 68.0% for molybdenum 2. All Mineral Reserves and Mineral Resources have been calculated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101, other than the estimates for the Alumbrera mine which have been calculated in accordance with the JORC Code which is accepted under NI 43-101. 3. All Mineral Resources are reported exclusive of Mineral Reserves. 4. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. 5. Mineral Reserves and Mineral Resources are reported as of December 31, 2018. 6. For the qualified persons responsible for the Mineral Reserve and Mineral Resource estimates at the Companyâs material properties, see the qualified persons list below.PropertyQualified Persons for Mineral ReservesQualified Persons for Mineral ResourcesCanadian MalarticSylvie Lampron, Canadian Malartic CorporationPascal Lehouiller, Canadian Malartic CorporationChapadaLuiz Pignatari, EDEM EngenhariaFelipe Machado de Araujo, Member of Chilean Mining Commission, Mineral Resources Coordinator Brazil, Yamana Gold Inc.El PeÃ±Ã³nSergio Castro, Yamana Gold Inc.Jorge Camacho, Yamana Gold Inc. FOURTH QUARTER 2018 CONFERENCE CALLThe Company will host a conference call and webcast on Friday, February 15, 2019 at 9:00 a.m. ET. Fourth Quarter and Full Year 2018 Conference Call DetailsToll Free (North America): 1-800-273-9672Toronto Local and International: 416-340-2216Webcast: www.yamana.comConference Call ReplayToll Free (North America): 1-800-408-3053Toronto Local and International: 905-694-9451Passcode: 6784586The conference call replay will be available from 12:00 p.m. ET on February 15, 2019 until 11:59 p.m. ET on March 1, 2019.Qualified PersonsScientific and technical information contained in this Managementâs Discussion and Analysis has been reviewed and approved by SÃ©bastien Bernier (Senior Director, Geology and Mineral Resources). SÃ©bastien 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 YamanaYamana is a Canadian-based gold, silver and copper producer with a significant portfolio comprised of operating mines, development stage projects, and exploration and mineral properties throughout the Americas, mainly in 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. The Company is listed on the Toronto Stock Exchange (trading symbol "YRI") and the New York Stock Exchange (trading symbol "AUY").FOR FURTHER INFORMATION PLEASE CONTACT: Investor Relations416-815-02201-888-809-0925Email: email@example.comCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release contains or incorporates by reference âforward-looking statementsâ and âforward-looking informationâ under applicable Canadian securities legislation 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 Companyâs strategy, plans or future financial or operating performance continued advancements at Chapada, Jacobina, Canadian Malartic, Cerro Moro, El PeÃ±Ã³n and Minera Florida, expected production and costs, future work and drilling programs, and the potential for future additions to mineral resources and mineral reserves.. Forward-looking statements are characterized by words such as âplan,â âexpectâ, âbudgetâ, âtargetâ, âprojectâ, âintendâ, âbelieveâ, âanticipateâ, âestimateâ and other similar words, or statements that certain events or conditions âmayâ or âwillâ 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 Companyâs expectations in connection with the 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 changes in the administration or 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 Companyâs hedging program, changes in accounting policies, changes in Mineral Resources and Mineral Reserves, risks related to asset disposition, 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 and 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 Companyâs 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 managementâs 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 Companyâs expected financial and operational performance and results as at and for the periods ended on the dates presented in the Companyâs 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 uses the terms âMineral Resourceâ, âMeasured Mineral Resourceâ, âIndicated Mineral Resourceâ and âInferred Mineral Resourceâ are defined in and required to be disclosed by National Instrument 43-101. However, these terms are not defined terms under Industry Guide 7 and are not permitted to be used in reports and registration statements of United States companies filed with the Commission. 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. âInferred Mineral Resourcesâ 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 âcontained ouncesâ in a Mineral Resource is permitted disclosure under Canadian regulations. In contrast, the Commission only permits U.S. companies to report mineralization that does not constitute âMineral Reservesâ 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 subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations of the Commission thereunder.NON-GAAP FINANCIAL MEASURES AND ADDITIONAL LINE ITEMS AND SUBTOTALS IN FINANCIAL STATEMENTSThe Company has included certain non-GAAP financial measures to supplement its Consolidated Financial Statements, which are presented in accordance with IFRS, including the following:Cash costs per ounce of gold produced on a co-product and by-product basis;Cash costs per ounce of silver produced on a co-product and by-product basis;Co-product cash costs per pound of copper produced;All-in sustaining costs per ounce of gold produced on a co-product and by-product basis;All-in sustaining costs per ounce of silver produced on a co-product and by-product basis;All-in sustaining co-product costs per pound of copper produced;Net debt;Net free cash flow;Average realized price per ounce of gold sold;Average realized price per ounce of silver sold; andAverage realized price per pound of copper sold.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.CASH COSTS AND ALL-IN SUSTAINING COSTSThe Company discloses âcash costsâ because it understands that certain investors use this information to determine the Companyâs 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. Cash costs figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard remains the generally accepted standard of reporting cash costs of production in North America. Adoption of the standard is voluntary and the cost measures presented herein may not be comparable to other similarly titled measures of other companies.The measure of cash costs, along with revenue from sales, is considered to be a key indicator of a companyâs 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 co-product and by-product cash costs per ounce of gold or silver produced, co-product cash costs per pound of copper produced, co-product and by-product AISC per ounce of gold or silver produced and co-product AISC per pound of copper produced 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 is not necessarily indicative of operating costs, operating profit or cash flows presented under IFRS.By-Product and Co-Product Cash CostsCash 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 the Companyâs underlying cash costs of operations. Cash costs are computed on a weighted average basis, net of by-product sales and on a co-product basis as follows:Cash costs of gold and silver on a by-product basis - shown on a per ounce basis.The attributable cost for each metal is calculated net of by-products by applying copper and zinc net revenues, which are incidental to the production of precious metals, as a credit to gold and silver ounces produced, thereby allowing the Companyâs management and stakeholders to assess net costs of precious metal production. These costs are then divided by gold and silver ounces produced. Cash costs of gold and silver on a co-product basis - shown on a per ounce basis.Costs directly attributed to gold and silver will be allocated to each metal. Costs not directly attributed to each metal will be allocated based on the relative value of revenues which will be determined annually.The attributable cost for each metal will then be divided by the production of each metal in calculating cash costs per ounce on a co-product basis for the period.Cash costs of copper on a co-product basis - shown on a per pound basis.Costs attributable to copper production are divided by commercial copper pounds produced.By-Product and Co-Product AISCAll-in sustaining costs per ounce of gold and silver produced seeks to represent total sustaining expenditures of producing gold and silver ounces from current operations, based on co-product costs or by-product costs, including cost components of mine sustaining capital expenditures, corporate general and administrative expense excluding stock-based compensation, and exploration and evaluation expense. All-in sustaining costs do not include capital expenditures attributable to projects or mine expansions, exploration and evaluation costs attributable to growth projects, income tax payments, financing costs and dividend payments. Consequently, this measure is not representative of all of the Company's cash expenditures. In addition, the calculation of all-in sustaining costs does not include depletion, depreciation and amortization expense as it does not reflect the impact of expenditures incurred in prior periods.All-in sustaining co-product costs reflect allocations of the aforementioned cost components on the basis that is consistent with the nature of each of the cost component to the gold, silver or copper production activities. Similarly, all-in sustaining by-product costs reflect allocations of the aforementioned cost components on the basis that is consistent with the nature of each of the cost component to the gold and silver production activities but net of by-product revenue credits from sales of copper and zinc.A reconciliation of total cost of sales of gold, silver and copper sold (cost of sales excluding depreciation, depletion and amortization, plus depreciation, depletion and amortization) per the Consolidated Financial Statements to co-product cash costs of gold produced, co-product cash costs of silver produced, co-product cash costs of copper produced, co-product AISC of gold produced, co-product AISC of silver produced, co-product AISC of copper produced, by-product cash costs of gold produced, by-product cash costs of silver produced, by-product AISC of gold produced and by-product AISC of silver produced is provided in Section 11: of the MD&A for the three and twelve months ended December 31, 2018 and comparable period of 2017 which has been filed on SEDAR.NET DEBTThe 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 Companyâs 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 is provided in Section 11: of the MD&A for the three and twelve months ended December 31, 2018 and comparable period of 2017 which has been filed on SEDAR.:NET FREE CASH FLOWThe Company uses the financial measure "Net Free Cash Flow", which is a non-GAAP financial measure, to supplement information in its Consolidated Financial Statements. Net Free Cash Flow does not have any standardized meaning prescribed under IFRS, and therefore it 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 Companyâs performance with respect to its operating cash flow capacity to meet non-discretionary outflows of cash. The presentation of Net Free Cash Flow is 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 of continuing operations adjusted for advance payments received pursuant to metal purchase agreements, non-discretionary expenditures from sustaining capital expenditures and interest and financing expenses paid related to the current period. A reconciliation of Net Free Cash Flow is provided in Section 1: of the MD&A for the three and twelve months ended December 31, 2018 and comparable period of 2017 which has been filed on SEDAR.AVERAGE REALIZED METAL PRICESThe Company uses the financial measures "average realized gold price", "average realized silver price" and "average realized copper 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 Companyâs performance vis-Ã -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, silver and copper, divided by the quantity of the respective units of metals sold, i.e. gold ounce, silver ounce and copper pound. Reconciliations of average realized metal prices to revenue are provided in Section 11: of the MD&A for the three and twelve months ended December 31, 2018 and comparable period of 2017 which has been filed on SEDAR.ADDITIONAL LINE ITEMS OR SUBTOTALS IN FINANCIAL STATEMENTSThe 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 â 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 â represents the amount of revenue in excess of cost of sales excluding depletion, depreciation and amortization and depletion, depreciation and amortization. Operating earnings â 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 â 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 â 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.Cash flows from operating activities before net change in working capital, normalized due to copper advanced sales program â excludes the impact due to the copper advanced sales program payments and deliveries that results in timing differences between the cash payment and delivery.The Companyâs 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 managementâs view, provide useful information of the Companyâs cash flows from operating activities and are considered to be meaningful in evaluating the Companyâs past financial performance or the future prospects.
Waste Management Announces Fourth Quarter and Full-Year 2018 Earnings
HOUSTON--(BUSINESS WIRE)-- Waste Management, Inc. (NYSE: WM) today announced financial results for its quarter ended December 31, 2018. Revenues for the fourth quarter of 2018 were
Strong performance in FY18: Group revenue of EUR25.7bn, growth of +7% organic and Adj. EBITA up +10% organic. Record Net Income & EPS
RUEIL-MALMAISON, France, Feb. 14, 2019 /PRNewswire/ -- Schneider Electric announced today its fourth quarter revenues and full year results for the period ending December 31, 2018.
Duke Energy reports fourth-quarter and full-year 2018 financial results
CHARLOTTE, N.C., Feb. 14, 2019 /PRNewswire/ -- Duke Energy (NYSE: DUK) has posted its fourth-quarter and full-year 2018 financial results in a news release available on the company's website at the following link: duke-energy.com/investors.
Southwest Iowa Renewable Energy, LLC Announces Results for First Quarter Fiscal 2019
COUNCIL BLUFFS, Iowa, Feb. 14, 2019 /PRNewswire/ -- Southwest Iowa Renewable Energy, LLC ("SIRE" or the "Company") announced its unaudited financial results for the three months ended December 31, 2018. Results for the First Quarter of Fiscal 2019 (Amounts in $ and 000's, except Book Value per Unit) Three Months EndedDecember 31, 2018 Three Months EndedDecember 31, 2017 Net Income (Loss) (1,167) 1,181 Gross Margin 504 2,708 Modified EBITDA 875 4,165 Balance at December 31,2018 Balance at September 30,2018 Total Debt 12,796 22,023 Book Value (Members' Equity) 102,024 103,191 Book Value per basic unit * 7,655 7,743 *net of distributions SIRE reported a net loss of $(1.2) million, or ($87.57) per basic unit for the three months ended December 31, 2018, compared to net income of $1.2 million, or $88.62 per basic unit, for the three months ended December 31, 2017. SIRE revenue from operations was $53.4 million for the three months ended December 31, 2018, compared to $50.5 million for the three months ended December 31, 2017. Modified EBITDA, which is defined as earnings before interest, income taxes, depreciation, amortization, and unrealized hedging gains and losses was $0.9 million for the three months ended December 31, 2018, compared to $4.2 million for the three months ended December 31, 2017. The Company's debt decreased $9.2 million at December 31, 2018, compared to September 30, 2018, due to our continued paydown of term debt and lower short term borrowing requirements. SIRE had $1.0 million in cash and cash equivalents and $30.7 million available under revolving loan agreements, for total cash and available borrowings of $31.7 million at December 31, 2018. The cash flow provided by operating activities was $9.3 million compared to $8.5 million for the three months ended December 31, 2018 and 2017, respectively. Mike Jerke, SIRE's President and CEO stated, "So far during Fiscal 2019, we have seen very tight margins, continuing the trends of the previous quarters. Corn prices have increased per bushel as compared to Fiscal 2018, by almost 9% in Fiscal 2019 to date and ethanol prices in the U.S. remain well below last year's levels.. The industry has continued to adjust to lower exports to China, and is becoming more dependent on continued export demand to other parts of the world. U.S. demand could eventually improve with expansion of E15 sales per the directive of President Trump to the EPA. Our distiller grains have also seen increased price and demand improvement in Fiscal 2019 as compared to Fiscal 2018, with a continued shift to a heavier weighting for wet distiller grains." During the first quarter of Fiscal 2019, SIRE produced 33.2 million gallons of ethanol, compared to 31.7 million gallons during the first quarter of Fiscal 2018. Jerke commented - "We continue to evaluate and implement new production technology to expand our income stream. We continue to focus on running the plant efficiently, increasing our ethanol yield, with a balance of optimizing the yield and profit, and at the same time scrutinizing our expenses." About Southwest Iowa Renewable Energy, LLC: SIRE is located on 275 acres in Council Bluffs, Iowa, operating a 140 million gallon per year ethanol plant. SIRE began producing ethanol in February, 2009 and sells its ethanol, distillers grains, corn syrup, and corn oil in the continental United States, Mexico and the Pacific Rim. This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "1995 Act"). Such statements are made in good faith by SIRE and are identified as including terms such as "may," "will," "should," "expects," "anticipates," "estimates," "plans," or similar language. In connection with these safe-harbor provisions, SIRE has identified in its Annual Report on Form 10-K , important factors that could cause actual results to differ materially from those contained in any forward-looking statement made by or on behalf of SIRE, including, without limitation, the risk and nature of SIRE's business, and the effects of general economic conditions on SIRE. The forward-looking statements contained in this Press Release are included in the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. SIRE further cautions that such factors are not exhaustive or exclusive. SIRE does not undertake to update any forward-looking statement which may be made from time to time by or on behalf of SIRE. Financial Results SOUTHWEST IOWA RENEWABLE ENERGY, LLCSummary Statements of OperationsUnaudited(Dollars in thousands, except per unit data) Three Months Ended December 31, 2018 2017 Revenues $ 53,382 $ 50,546 Cost of Goods Sold 52,878 47,838 Gross Profit 504 2,708 General and administrative expenses 1,502 1,378 Interest and other expense, net 169 149 Net Income (Loss) $ (1,167) $ 1,181 Weighted Average Units Outstanding, Basic 13,327 13,327 Weighted Average Units Outstanding, Diluted 13,327 14,386 Net Income (Loss) per unit, Basic $ (87.57) $ 88.62 Net Income (Loss) per unit, Diluted $ (87.57) $ 82.09 Modified EBITDA Management uses Modified EBITDA, a non-GAAP measure, to measure the Company's financial performance and to internally manage its business. Management believes that Modified EBITDA provides useful information to investors as a measure of comparison with peer and other companies. Modified EBITDA should not be considered an alternative to net income or cash flow as determined in accordance with generally accepted accounting principles. Modified EBITDA calculations may vary from company to company. Accordingly, our computation of Modified EBITDA may not be comparable with a similarly-titled measure of another company. Modified EBITDA, which is defined as earnings before interest, income taxes, depreciation, amortization, unrealized hedging gains and losses, and other significant noncash expenses was $0.9 million for the three months ended December 31, 2018, compared to $4.2 million for the three months ended December 31, 2017. The following sets forth the reconciliation of net income to Modified EBITDA for the periods indicated: For the three months ended December 31, 2018 December 31, 2017 Unaudited Unaudited in 000's in 000's Net Income (Loss) $(1,167) $1,181 Interest expense, net 191 230 Depreciation 2,578 3,217 EBITDA 1,602 4,628 Unrealized Hedging (Gain) (727) (463) Modified EBITDA $875 $4,165 Statistical Information Three Months EndedDecember 31, 2018 Three Months EndedDecember 31, 2017 Amountsin 000's % ofRevenues Amountsin 000's % ofRevenues Product Revenue Information Denatured and Undenatured Ethanol $ 39,621 74.2 % $ 39,720 78.6 % Distiller's Grains 10,636 19.9 % 8,030 15.9 % Corn Oil 2,863 5.4 % 2,559 5.1 % Other 262 0.5 % 237 0.4 % Summary Balance Sheets(Dollars in thousands) December 31, 2018 September 30, 2018 (unaudited) ASSETS Current Assets Cash & cash equivalents $ 1,042 $ 1,440 Accounts receivable 9,909 12,672 Inventory 13,650 13,526 Other current assets 1,164 1,387 Total current assets 25,765 29,025 Net property, plant and equipment 109,714 111,868 Other assets 1,738 1,738 Total Assets $ 137,217 $ 142,631 LIABILITIES AND MEMBERS' EQUITY Current Liabilities Accounts payable, derivative financial instruments and accrued expenses $ 17,110 $ 12,147 Current maturities of notes payable 5,065 6,560 Total current liabilities 22,175 18,707 Total long term liabilities 13,018 20,733 Total members' equity 102,024 103,191 Total Liabilities and Members' Equity $ 137,217 $ 142,631 View original content to download multimedia:http://www.prnewswire.com/news-releases/southwest-iowa-renewable-energy-llc-announces-results-for-first-quarter-fiscal-2019-300796330.html SOURCE Southwest Iowa Renewable Energy, LLC
5 Key Benefits of a Robo-Adviser
Robo-adviser is an automated online wealth management service or a class of digital online financial institutions that offer financial advice or investment management tips online with minimal human intervention. The algorithms are executed by software to allocate, manage and optimize clients’ assets. Being online, however, does not make it less effective and ideal financial institution as it has almost all the aspects of the physical human involvement.
6 Key Factors to Consider Before Making a Private Equity Investment
Private equity refers to investments funds structured as limited partnerships that are not listed on a public exchange and its investors include large institutional investors, wealthy individuals, and university endowments.
Top 4 Best Commodities to Invest
Commodity trading involves trading in commodity derivatives and spots. Commodity trading is very volatile and so investors should take relevant precautions before they enter into it. Commodity trading can help an investor to diversify their portfolio. It is an ideal investment that can significantly hedge you against the risk of inflation. Commodities traded mostly include agricultural products, minerals, and fossils.
5 Common Types of Financial Swaps
A swap is an act of exchanging one thing for another. In finance, swaps are derivatives wherein two counterparties exchange financial instruments. The swaps can involve an exchange of a series of cash flows of one party’s financial instrument for those of the other party’s financial instrument over a specific period of time. Swaps are mutual agreements that are easy to design and customize over the counter. They offer great flexibility that leads to many swap variations with each serving a given purpose. Reasons why parties agree to such arrangements: If their investments or repayment objectives change If it is beneficial financially to switch, to a new or alternative stream of cash flows compared to the existing ones To hedge against risks such as mitigation risks associated with a floating rate loan repayment. Here are the 5 common types of financial swaps: 1. Interest Rate Swap This is the most popular type of swaps. An interest rate swap is a contract between two parties to exchange a stream of future interest payments based on the principal amount. The parties exchange floating interest rate for a fixed rate or vice versa to increase or reduce exposure to interest rates volatility to obtain a marginally lower rate than would have been possible without the swap. It can also involve the exchange of one floating rate for another and usually occurs only to change the type or tenor of the floating rate index usually called basis swap. It usually occurs if a company can obtain a loan easily at one type of interest rate but prefers a different type of rates. 2. Currency Swaps Currency swaps involve the exchange of interest and in some cases of full exchange of principal amounts in one currency for the same but in another currency. It is also referred to as cross-currency swap as it involves foreign exchange transaction. It is a very flexible method of foreign exchange as maturities of the currency swaps are negotiable for at least 10 years. The interest rates can be floating or fixed and the exchange can be fixed vs. fixed, floating vs. floating and fixed vs. floating. The swap helps to hedge against interest rates and forex rates fluctuations for long-term investments. 3. Commodity Swaps A commodity swap is a financial derivative agreement where two parties agree to exchange cash flows which are reliant on the underlying commodity price. This swap is most common among people who use raw materials to produce finished products. It is used to hedge against the price of a commodity. It consists of a floating-leg component and a fixed-leg component where the floating-leg component is attached to the market price of the underlying commodity or agreed upon commodity index and the fixed-leg component is specified in the contract. These swaps are settled in cash but the physical delivery is predetermined in the contract. 4. Credit Default Swaps The credit default swap offers insurance in the event that third-party borrower defaults. It helps transfer between two or more parties the credit exposure of fixed income products. The swap buyer makes payment to the swap seller until the date of the maturity of the contract. The seller in return agrees that they will pay the buyer the security premiums in addition to all interest payments that would have been paid between that time and the security maturity date in the event that the debt issuer defaults. 5. Equity Swaps An equity swap is a financial derivative contract where two counterparties agree to exchange a set of future cash flows at set date’s n the future. The two cash flows are known as legs of the swap. The legs of the swap include the floating leg which is pegged to a floating rate such as LIBOR and the other leg component is the equity leg which is based n the performance of either a share of stock or a stock market index. Equity swaps help avoid transaction costs such as tax, limitations on leverage and get around policy governing a particular type of investment that an institution can grasp. Summary Swaps can be designed and structured in different ways to meet the needs of all the parties as they are offered over the counter (OTC). However, they are unregulated and so every investor should fully understand the implications of the swap before they enter into the contract.
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