The company reported a net loss attributable to shareholders of $61.4 million or 6c per share, which was a significant improvement on the $188.6 million or 20c per share loss the company reported a year earlier.
Yamana said results were impacted by a non-cash impairment reversal of $150 million for Jacobina that was recognised following an increase in mineral reserves and mineral resources, which extended the life of the mine, and other operational improvements. This was offset by non-cash accounting impairments of $151 million for Minera Florida and $45 million owing to goodwill on the acquisition of the Canadian Malartic mine.
Revenue for the period was slightly higher at $483.4 million.
The company also reported an income-tax expense of $33.3 million based on an interpretation of tax legislation by Brazilian authorities. The company said it paid the tax to avoid penalties but was pursing legal remedies.
"In 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," CEO Daniel Racine said.
For the quarter, Yamana produced 310,369oz of gold equivalent, calculated at a silver-to-gold ratio of 81.3:1. This included 270,193oz gold and 3.26Moz silver. Yamana's total gold output was 292,484oz, as well as 39Mlb copper.
Full-year production was 1.04Moz gold equivalent, which included 940,619oz gold and 8.02Moz silver. Copper production was 129.2Mlb.
For 2019, Yamana has guided for 940,000oz, which is comparable to 2018. This will be followed by 955,000-970,000oz in 2020 and 955,000oz in 2021. Silver output is expected to rise to 10Moz in 2019, 12-12.95Moz in 2020 and 12Moz in 021.
Copper output is seen dipping to 120Mlb in 2019 through 2021.
Yamana also said its exploration initiatives have increased gold reserves to replace 2018 mineral depletion, excluding assets that were disposed of in 2018.
Yamana declared a first-quarter dividend of 0.5c per share, which was in line with that of the previous quarter.
The company (NYSE:AUY) is currently capitalised at $2.44 billion.