The Toronto-headquartered company reported 2019 gold output of 900,339oz, with a strong December quarter profile of 221,595oz lifting total production above the top-end of its annual guidance of 899,000oz.

The Americas-focused company's strong December-quarter silver output of 2.97Moz was also enough to take the full-year total above guidance of 10Moz to 10.64Moz, the company said.

As a result, the full-year gold-equivalent (Au-eq) output of 1.024Moz also exceeded the annual guidance of 1,01Moz.

Yamana said the Jacobina mine in Brazil posted record quarterly production of 41,774oz gold and all-time-high full-year output at 159,499oz. This was more than the company's revised guidance of 152,000oz announced in June.

The El Peñón mine in Chile also posted its highest quarterly and yearly production since "rightsizing" the operation in late 2016, Yamana said. Gold output for the quarter was 48,131oz and full-year total came in at 159,515oz, above the expected 150,000oz.

The company said it expected all-in sustaining costs to be in line with prior estimates and adjustments, including about US$30/oz of Au-eq from the removal of production from Chapada in the second half of the year.

Yamana plans to release fourth-quarter and full-year 2019 financial results after the market closes on February 13.

Improving metals prices combined with the company's solid operational performance have prompted it to hike its dividend policy last month to C5c per share annually, effective from the current quarter. The company has in recent quarters divested assets in Argentina and Brazil as it seeks to increase its appeal to investors as a cash-generating, dividend-paying precious metals producer.

The company's equity (TSX:YRI) has rebounded in the past 12 months, gaining more than 53% to $4.99 on Wednesday, which capitalises it at $4.7 billion (US$3.6 billion).