Good morning, ladies and gentlemen, and welcome to this annual meeting of shareholders of Yamana Gold that is being convened virtually on the Lumi platform. My name is Peter Marrone, and I'm the Executive Chairman of the company. I will serve as the chairperson of this meeting. We are pleased to be able to host today's meeting through this virtual meeting platform. This platform is accessible to all of our shareholders and duly appointed proxy holders, regardless of their physical locations, and allows Yamana shareholders to participate, submit questions, and vote on matters before us today. Please note that the recording of this meeting, as well as the presentation portion of this meeting, will also be made available on our website at www.yamana.com. I now officially call the meeting to order and appoint Sofia Tsakos, our Senior Vice President, General Counsel, and Corporate Secretary, to act as secretary of the meeting, and Computershare Trust Company of Canada, through its representatives, to act as scrutineers of the meeting. Before we proceed, I would like to advise you that subsequent to the completion of the formal business of this meeting, an update on the recent activities and future plans of the company will be given. Accordingly, I ask that questions regarding the operations or financial status of the company be submitted at any time during this webcast, but they will be answered after the formal presentation. Notice of the meeting was mailed on April 6 of this year to shareholders of record on March 12, 2021. The declaration with respect to that mailing will be retained with the records of the company. Ladies and gentlemen, based on the scrutineer's report, proxies were received from the holders of a sufficient number of shares to constitute a quorum, and I therefore declare that this meeting is properly constituted for the transaction of business. The final report on attendance will be retained with the records of the company. I would like to take a moment to comment on the procedures to be used to submit questions and vote on matters at today's meeting. Shareholders and proxy holders listening online are able to submit questions or comments to the meeting at any time. We will address those questions at the end of the presentation, as I mentioned. Those wishing to submit a question or comment should click on the messaging icon at the top of your screen. With respect to voting, we will conduct the votes on the matters before us today by a poll. On a poll, every shareholder entitled to vote on the matter has one vote in respect of each voting share held. Only registered shareholders who held shares in their name as of the close of business on March the 12th, or their validly appointed proxy holders, are entitled to vote at this meeting. If you have already voted or sent in a proxy, there is no need for you to vote by poll unless you would like to change your vote. The poll will be opened for all resolutions at the same time. This will allow you to choose to vote on each resolution immediately, or you may wait until each resolution discussion has concluded prior to casting your vote. I now declare the polls open to all resolutions. We will now run through each of the items on the agenda. The first order of business that I now place before this meeting is the financial statements of the company for the year ended December 31, 2020, together with the report of the auditors of the company thereon. A copy of Yamana's 2020 annual report, which contains our 2020 financial statements and the auditor's report, was sent to shareholders of the company in advance of the meeting, and I do not propose to read them at this meeting. You can obtain a copy of our annual report on our website at www.yamana.com. The next item of business is the election of directors of the company. As a result of the company's majority voting policy, the shareholders will be asked to vote for the election of each individual director. The general bylaws of the company provide for an advance notice requirement for the nomination of directors in certain circumstances. The company did not receive notice of any director nominations in connection with this meeting within the prescribed time periods, accordingly, the only persons eligible to be nominated at the meeting for the election to the board of directors are the following nine nominees: Mr. John Begeman, Ms. Christiane Bergevin, Mr. Alexander Davidson, Mr. Richard Graff, Ms. Kimberly Keating, myself, Peter Marrone, Mr. Daniel Racine, Ms. Jane Sadowsky, and Mr. Dino Titaro. I now move for the nomination of each of the nine individuals so named as directors of the company for the ensuing year, or until his or her successor is appointed. The next item of business is the appointment of the auditors of the company for the ensuing year. I move for the appointment of Deloitte LLP Chartered Accountants as auditors of the company until the close of the next annual meeting of shareholders. Finally, the next item and final item of business is the advisory vote on the company's approach to executive compensation, all as described in detail in our management information circular. I move to accept the approach to executive compensation disclosed in the management information circular. For those of you who have not voted on all of the resolutions, please do so now, as I will shortly close the polls. Please be reminded that if you have already voted or sent in a proxy, there is no need for you to vote by poll unless you would like to change your vote. I will close the polls on all resolutions presented in one minute to allow online views to catch up. Ladies and gentlemen, the polls are now closed, and I have been advised by the scrutineers that based on the votes represented by proxy at this meeting, a sufficient number of votes have been cast in favor of each of the three resolutions presented at this meeting. With total shares voted by proxy of 619,560,323 or 64.2% of the issued and outstanding shares, and of the shares voted for directors ranging between 86% and 99%, depending on each director, for our auditors at 94%, and for our say on pay at 92.23%. I therefore declare each of the resolutions carried. Rather than hold up the meeting for the final tabulation of votes cast through the online voting system, I direct that the final results of each poll be included with the minutes of the meeting and filed on SEDAR and EDGAR as required. Gentlemen and ladies, now that the formal business of this meeting is concluded, we have a company presentation to share with you. I am joined by Daniel Racine, our Chief Executive Officer, and I will begin and then pass the presentation over to Daniel and come back with some concluding thoughts. Before we begin our presentation to shareholders, we would like to share this short video that has been prepared from members of our company who asked that we share it with you. You will note that some of the video footage was filmed last year before the pandemic and before mask mandates became compulsory. I am thankful to the members of our company who have put together that video, and I'm thankful for many other things that they have done for us. This is a comparatively lengthy presentation, but we had a lot that was done last year and a lot to say. Last year was a year like no others, and when faced with challenges, we draw on our collective strength and resilience, take sustenance from friends, family, and colleagues, and even if we cannot be together and take whatever steps we can, keep to ourselves and those closest to us safe and healthy. That is exactly what we did in 2020 and what we continue to do this year as we tackle the impacts of COVID-19. Physical distancing, enhanced health screening, and the use of personal protective equipment are now fully embedded across all of our operations, while those who can work from home are working from home. While we have had limited exposure at our operations, when we have had positive cases at our operations, which given the highly contagious nature of this virus, was somewhat inevitable, our contact tracing, testing, and quarantine protocols have allowed us to prevent spread. While we are deeply saddened by the immense toll that this pandemic has taken globally, including on our host communities, we are grateful that we have been able to prevent harm to our people and to our local communities. Since the start of the pandemic, we've been in close contact with our community partners to understand their needs. Based on those discussions, we have donated critical equipment and supplies numbering in the tens of thousands, as well as food packages to those in greatest need. More recently, we have been working with local health authorities to provide support for their vaccination programs. If I may, allow me to start by acknowledging and thanking our employees and communities for their courage and commitment, and in the end, their resilience. We are pleased and thankful to have had the privilege of continuing to operate and ensure, in the meantime, the health and safety of our workers while supporting our host communities. We are also thankful that soon we will be returning, we believe, to a more normal state. Yamana is a precious metals company, primarily focused on gold, but we also have exposure to certain green metals through the production of silver and future production from our world-class copper development project, MARA. We carry significant value in all three metals. While we will spend more time on MARA as this presentation progresses, let's say for now that it is a world-class copper-gold project with a very low cost intensity and very high value. At current copper prices valued at over $4 billion. We own a controlling share of just over 56%. I'd like to spend a little bit of time talking about those metals that we produce or that are in our portfolio, beginning with gold and gold price. While the price of gold has corrected from last year's highs, we believe that the long-term macro environment remains supportive of higher gold prices. Let me provide some perspective. First, the correction in gold price earlier this year is not unexpected given the speed at which gold price increased in 2020, surpassing $2,000 per ounce for the first time ever late August. Secondly, at $1,765 per ounce, which is where gold is currently trading, we're immensely profitable, and we generate significant cash flows, as we showed once again with our year-end results and with our first quarter results reported last night. As a reminder, we base our mine plans on reserve prices of $1,250 per ounce, and if we can mine profitably at that price, we are more than $500 above that. Last year at this time, gold was trading at approximately $1,700 per ounce, and most people were ecstatic. Two years ago, the price of gold was at about $1,280 per ounce, roughly around the time of our annual general meeting, and it was just over $1,300 per ounce the year before that. All things considered, we're in a great place, and while I am not an economist, I can assess the fundamentals, look at market conditions, look at history, and make some observations on what is directionally positive for gold price. Let's speak to that for a moment. Many of the factors that positively impacted gold in 2020 were already in place before the global pandemic. Geopolitical uncertainty, socioeconomic imbalances, global trade tensions, supportive real interest rates, and elevated levels of government debt. These issues remain, and some, like government debt, have become exacerbated by the pandemic as governments add double-digit trillions in stimulus spending to combat economic disruption caused by the pandemic. As a result, debt-to-GDP levels are at unprecedented levels, yet stimulus spending is likely to continue as governments endeavor to manage their economies. At the same time, vaccines gain critical mass and the pandemic eases in some places, and pent-up demand for everything from cars, luxury items, food basics, travel, and simply enjoying an evening out, again will drive what I believe will be an inflationary cycle in what is sure to remain a comparatively low interest rate environment. Interest rates are sure to remain low because at the current levels, amongst other reasons, worldwide debt cannot support higher rates. The carry on it would simply be too high and untenable. Therefore, while the rise in U.S. Treasury yields in recent months is likely a reliable precursor to inflation, it does not, I believe, signal a corresponding rise in interest rates. History tells us that periods of high and increasing inflation, coupled with uncertainty and volatility, are good for gold price. Coming a little bit to silver. While gold had a strong year in 2020, silver had an even stronger one on a percentage increase basis, like nickel, lithium, cobalt, copper, the latter of which I'll talk about in a moment. Silver will be a major beneficiary of emerging green metals and technology applications. Let's talk a little bit about that. It is, for instance, an important raw material in electric vehicles, photovoltaic panels used to generate solar power, 5G wireless networks, and many other applications. According to the London-based global metals consultancy, CRU Consulting, solar power generation will increase to 1,053 TWh by 2025, nearly a double of the amount generated in 2019. As this is one of the most important demand factors that will support silver prices. The Silver Institute sees growth of electric vehicles increasing demand for silver in the automotive sector to 85 million ounces by 2025 from an estimated 61 million ounces this year. While this is incremental, it adds to the demand for silver. This anticipated surge in demand is already garnering investor attention, as seen through rising silver ETF inflows. Silver overperforms gold in a rising precious metals price environment, and this precious metal goes on steroids given its green demand as well. A little bit on copper. Copper's an important green metal that is on the rise. Copper is trading at 10-year highs of more than $4.50 per pound and approaching its all-time high of $4.62 per pound. Let's talk a little bit about copper demand and why it is likely to cause an increase in prices. Copper is the most cost-effective conductive material and at the heart of the green transition. It is used in rotor blades and gearboxes of wind turbines, the frames and surfaces of solar panels, and it is a key raw material in electric vehicles. Indeed, a standard electric vehicle requires roughly four times more copper than an internal combustion engine vehicle. In a widely cited report published earlier this month by the investment bank in New York, Goldman Sachs, they describe copper as the new oil. It is forecast that copper demand will increase by 2030, that demand could be as much as a 600% increase to 5.4 million tons. That's its base case. The bull case calls for a 900% increase. Several other investment banks, Jefferies and Deutsche Bank as examples, have published recent reports calling for significant increases in copper demand fueled by the green transition. All three reports forecast supply deficits amid the surge in copper demand, which is going to drive copper price higher. Goldman, which admittedly is amongst the more bullish forecasters, sees copper rising to $15,000 per ton, or in pounds, as I prefer to think of it, that is $6.80 per pound by 2025. This is not recognized only by investment banks and other prognosticators who look at market supply and demand. This is recognized by industry also, as more and more companies increase their copper price assumptions for budgeting and valuation reasons. All of this aligns very favorably with our asset portfolio, which you can see laid out geographically here. We are an Americas-focused company with five producing mines, shown in blue, and four development projects in gold. Our production platform is one million gold equivalent ounces per year, or roughly 860,000 ounces of gold and 8 million- 10 million ounces of silver per year at low all-in sustaining costs and with substantially higher potential, in part due to our exposure to green metals such as silver and copper. While metal prices make the headlines, it is important for me to highlight that we are focused on our business and not on metal prices alone. There are six factors that underpin why one should invest in us. A commitment to high-quality ESG management is one of the pillars. It pervades every aspect of our business and factors into every decision that we make. We'll see a little bit more on this later. I've already given you a teaser on the quality of the portfolio, which we are continuously evaluating and optimizing to ensure that we have the right mix of high-quality, long-life assets in the right jurisdictions at the right time. We believe our current asset mix is optimal with opportunities for incremental growth, both near and long-term, that will allow us to fully benefit from a longer-term secular bull market in metals. One must also execute, deliver on priorities, and produce long-term results, which is something we pride ourselves on and have consistently done. Properly prepared mine plans and budgets, effective resource models, and overall quality planning help create consistency. We have focused on activities in the Americas jurisdictions, Brazil, Argentina, Chile, and Canada, that welcome and have well-established rules and regulations on mining that afford a high degree of predictability. When you put all of these things together, it almost inevitably translates into the last two items on this list. Financial strength as manifested by a strong balance sheet that is underpinned by rising free cash flows, which in turn puts us in an excellent position to manage our business, fund our growth, and increase returns to shareholders. That is precisely what we've been doing and plan to continue to do. Since the second quarter of 2019, as our shareholders are aware, we have cumulatively increased our dividend by a full 425%, with a full 50% increase in the latter part of last year alone. With this as an introduction, ladies and gentlemen, Daniel, I'll pass this over to you to discuss our mines, assets, and opportunities. Thank you, Peter. Everything begins with health, safety, environment, and community, or what we prefer to call at Yamana, HSE&C. I would like to start by sharing some metrics related to our HSE&C performance. Our total recordable injury rate was 0.49 in 2020. That represents a reduction of more than 215% since 2012. On the environment, we have zero processed water discharge, and I'm pleased to say we have achieved five consecutive years with no material environmental spills or incident. We have a best-in-class tailings management governance system that include third-party reviews and monthly oversight by our senior management and board. On the social side, we have created an industry-leading tool to monitor our social license to operate, measuring our trust and acceptance in local communities through a third party. We achieved some notable milestone and recognition in 2020, as you can see on this slide. On our COVID-19 effort, as Peter noted, we continue to engage closely with our host communities to ensure we are doing everything we can to meet their needs in the fight against COVID-19. We also continue to refine and improve our protocols to combat the virus. At Canadian Malartic, for example, we have installed a third-party testing lab allowing site to test employees, contractors, and even local population when asked. Turning now to our 2020 highlights. We showed great resilience in this challenging year. For the full year, we reported GEO production of 901,000 ounces, including 780,000 ounces of gold and 10.4 million ounces of silver. Cash costs were $701 per GEO, and all-in sustaining costs, $1,080 per GEO. Full-year production at Jacobina, Canadian Malartic, El Peñon, and Minera Florida were all above plan. We had an excellent financial performance in 2020, including nearly $680 million in cash flow from operating activities before net change in working capital and nearly $296 million in free cash flow before dividend and debt repayment. Our gross margin, excluding DD&A, was $947 million, helping to drive our net earnings of $203.6 million. Our strong earnings and cash flows allowed us to strengthen our balance sheet and increase our financial flexibility to pursue our growth initiatives and increase our shareholder returns. The momentum of our operational and financial performance from 2020 has continued into this year as I turn to our first quarter results announced last night. We had a strong production with just over 201,000 ounces of gold led by standout performance at Canadian Malartic and Minera Florida. It's also worth noting that in March, Jacobina achieved an all-time monthly high production of 16,348 ounces of gold, while Canadian Malartic achieved record tonnage mined during the month of January. We produced 2.1 million ounces of silver during the quarter, underpinned by strong performance from Cerro Moro. GEO production was 232,000 ounces, in line with plan. Our production results translated into strong financial performance. We generated strong cash flow from operating activities of $160.2 million, while cash flow from operating activities before net change in working capital was $183.4 million. Free cash flow before dividend and debt repayment was $76 million. Net earnings during the quarter were $54.7 million or $0.06 per share, while adjusted net earnings were $67.2 million compared to $45.6 million a year earlier. As with prior years, we expect stronger production and lower costs in the second half of the year, with the fourth quarter being the highest production and lowest cost quarter. Overall, it was another successful year for our mineral reserves and mineral resources with the replacement of reserve depletion at our operating mines. Reserve increased to 13.8 million ounces of gold, 112.8 million ounces of silver, and 6.7 billion pounds of copper. We also successfully increased measure and indicated resources to 14.6 million ounces of gold, 49 million ounces of silver, and 1.4 billion pounds of copper. In the inferred category, gold climbed to 15.7 million ounces, silver was 62.9 million ounces, and copper was 2.1 billion pounds. Now I will review a few key highlights from each of our operations. Jacobina continues to be a standout performer, posting record production in 2020 and a year-over-year production increase for the seventh year in a row. We completed the phase I expansion last June, achieving a throughput rate of 6,800 tons per day, which is higher than the 6,500 tons per day we had originally planned for phase I. We are now advancing the phase II expansion to bring throughput to 8,500 tons per day and an annual production of 230,000 ounces. At the same time, we have begun a conceptual study for a phase III expansion that will increase throughput to 10,000 tons per day and raise the annual production even higher at 270,000 ounces. I will also note that we are continuing to advance comprehensive life of mine management strategy to support these expansion and a mine life of more than 20 year. As a first step, we are moving forward with a hydraulic backfill plan, which is now in permitting phase. Peter will discuss this in a more detail in a moment. Canadian Malartic outperformed our expectation in 2020, exceeding our production by nearly 10,000 ounces on a 50% basis. It is important to remember that this strong performance followed a temporary suspension in early spring due to restriction on mining in Quebec related to COVID-19. This year, mining is transitioning from the Canadian Malartic pit to the Barnat pit, which is now in commercial production. Finally, we have also announced a positive construction decision on the Odyssey underground project, which I will speak more about in a moment. Turning now to El Peñón. In 2020, the operation had another successful year on two front. First, the mine strong production result were well above our guidance for the year. Second, El Peñon replaced depletion of reserve for the third straight year. At year-end 2020, reserves stood at 921,000 gold ounces compared to 764,000 ounces at the end of 2017. New vein added to reserve are high quality, resulting in slight increase to the average reserve grade. Gold and silver measure and indicated resources have also increased by 16% and 17% respectively, and gold inferred resources increased by 16% from 2019. Replacement of reserve depletion is something remarkable that El Peñon has been able to continuously achieve, and it is especially remarkable considering that the mine is now in its 22nd years of operation. Through its ongoing exploration success, El Peñon has the potential to unlock opportunities to ramp up production by leveraging the existing processing capacity and could ultimately result in the mine raising annual production to 260,000 GEO. It is important to note that this growth will require no additional CapEx. On the Minera Florida, 2020 was a successful year for the operation, and the mine sustained the momentum generated in 2019, with the full year production exceeding our 2020 guidance. A key highlight during the year was the mine fourth quarter performance, which was the highest quarterly production since 2010 and the second highest since the mine entered production in 1986, excluding gold production from the reclamation of its historic tailings. Long term, our strategy for Minera Florida is to increase throughput from 2,450 tons per day to 3,300 tons per day with a corresponding production increase up to 120,000 ounces of gold per year at an all-in sustaining costs below $1,000 per ounces. Moving to Cerro Moro. Unlike many mining operation in Argentina that face interprovincial travel restriction due to COVID last year, Cerro Moro was able to operate continuously through December, and production in the fourth quarter was the highest of the year. Our focus on Cerro Moro this year is investing in exploration and drilling on the large property and surrounding area, which together exceed 300,000 hectares. We are also evaluating further potential upside from the mine's significant mineralization that could potentially be mined economically using lower cost heap leach processing. We know there is a lot of potential ahead for Cerro Moro, and our exploration effort will be key to unlock this. We have a number of compelling growth opportunities in our portfolio that we're very excited about, and one of these is the Odyssey project at Canadian Malartic. I said this morning at our conference call, and I'll say it again, I spent several decades of my career working in the Abitibi district of Quebec on some of the province's most successful gold project, and I believe this project has the potential to top them all. The project will begin contributing to production in 2023 and ramp up to average annual production of 545,000 ounces on a 100% basis of gold per year between 2029 and 2039, at a cash cost at approximately $630 per ounces. Our mineral resource has now increased to more than 14 million ounces on a 100% basis over a period of just six years. In the last year alone, we added over close to four million ounces of gold. The technical study incorporate just 50% of those 14 million+ ounces, leaving significant potential for further upside. You may have noticed last night we announced new results from our exploration campaign at the Odyssey project. The focus on exploration during Q1 was to provide support for an aggressive infill drilling at East Gouldie, where 10 diamond drill rigs completed 23,400 meters out of 141,400 meters drilling program planned for 2021. One of our drill hole generated excellent result. A new intercept 970 meter east of the easternmost drill hole completed to date, and in the East Gouldie mineralized envelope, and more than one kilometer from the eastern limit of the East Gouldie mineral resources reported at year-end 2020. This result is noteworthy because it opens the possibility for significant expansion of the East Gouldie zone to the east. In addition, I would note that the infill drilling program continues to generate excellent results, demonstrating consistent grade and widths throughout the mineralized zone, further demonstrating the high-quality nature of the reported inferred resources at East Gouldie. Exploration will continue with deep step-out drilling planned on both the Rand Malartic and Canadian Malartic properties to define the extent of the new mineralized zone in this area. Looking at the production profile of Canadian Malartic as open pit production at Canadian Malartic comes to the end of its mine life, underground production from Odyssey begins to ramp up with first production starting in 2023. Gold production during the construction period of 2023 to 2028 is expected to be 932,000 ounces at a cash cost of $800 per ounce. The cash flow from this production is expected to significantly reduce the capital requirements for the project, effectively reducing capital costs by half, assuming a gold price of $1,550 per ounce. The capital costs I would have spread out over a number of years, with modest requirement at any given year. Furthermore, these costs will be fully funded using Canadian Malartic cash on hand and free cash flow generation with no external funding required. Our recently acquired Wasamac project further expands our presence in the Abitibi district. Located just 100 kilometers west of Canadian Malartic, Wasamac has an existing proven and probable mineral reserve of 1.8 million ounces of gold, supported by a feasibility study completed in 2018. The 2018 study outlined a 6,000 tonne per day operation with an average gold production of 160,000 ounces per year. Following an in-depth review of the study, we've identified opportunities to optimize the processing plant design, incorporate increased level of automation in the underground mine, and optimize the material sampling system to sustain a throughput rate of 7,000 tonne per day. These opportunities support our vision of Wasamac as a low-cost operation with minimal impact on the environment and neighboring communities and will be reflected in an update of the feasibility study scheduled for completion in Q3 2021. We completed the integration of the Agua Rica with the Minera Alumbrera late last year. This was an important milestone that de-risked what is now known as the MARA project, reducing the project's environment footprint, improving efficiencies, and creating one of the lowest capital intensity copper project in the world. On the technical front in recent months, we have completed a series of studies aimed at evaluating and optimizing opportunities, as well as mitigating risk. These studies are the foundation on the ongoing feasibility study for MARA, and some of the key highlights of these studies are presented on our website. For 2020 and 2021, our focus is to continue advancing the feasibility study and the environmental impact assessment for the project and continue strengthening our social license through the execution of our community engagement programs and open communications and cooperation with local stakeholders. We have received all the approvals required to start a drilling campaign to support the feasibility study and the environmental assessment. MARA is a significant, highly developed asset with a copper equivalent average production of over 450 million pounds per year or 200,000 tonne per year. All-in sustaining costs are expected to be below the 50th percentile on the global cost curve, and since it requires relatively less capital in relation to its scale, MARA's capital intensity rank amongst the lowest in the world for similar development projects. All things considered, this project represent a significant value opportunity, whether that is through Yamana's development of the project, the development of strategic partnership, or within the base metal public vehicle. For now, the best way to maximize its value is to advance the project through feasibility, permitting, and mine-ready through its development cycle. Before handing it back to Peter, who will give you the long view, I will highlight our three years outlook. We are forecasting production of one million GEO per year and expect to maintain that level of production the following two years. This year, we see gold production of 862,000 ounces of gold and silver of 10 million ounces. In 2022, we're forecasting a production of 870,000 ounces of gold and 9.4 million ounces of silver. In 2023, we see gold production at 889,000 ounces with silver production at eight million ounces. As you may have noticed, we have disclosed a maiden three years mine-by-mine guidance with our Q4 result, a decision that underscores our confidence in our forecast. I would add that we see this three years period a steady state on production and cash flow while we lay the groundwork for significant growth beyond that period as we advance our project pipeline. We see cash costs ranging between $665-$695 per GEO this year, with an all-in sustaining costs between $980-$1,020 per GEO. Our success depend on the commitment, persistence, and determination of our people, and I can state without hesitancy that our people showed remarkable tenacity last year in the face of the uncertainty caused by the pandemic. With that, I will turn it back over Peter. Daniel, thank you very much for that, excellent summary of our operations and opportunities. I'd like to tie all of this together. I would like to focus a bit more on the themes that are highlighted here, the five themes or so, starting with financial performance and moving to growth in production and reserves, the critical importance of governance and environmental stewardship. I want to pick up on and punctuate certain points that Daniel has raised. Let's start with financial performance. Some key measures to underscore. Gross margins on a per gold equivalent ounce basis produced increased by 23% last year to $1,051 per gold equivalent ounce, which drives financial performance and drove the higher cash flows. Operating cash flows before net changes in working capital increased to just under $670 million in last year from $591 million in 2019, which represents a 17% increase in operating cash flows. Those of you who saw our results last night for the first quarter, our weakest quarter, and remembering that 53% of our production occurs in the second half of the year, with a step up to Q2 from Q1. With the cash flows that we generated in the first quarter, we are targeting numbers that are significantly in excess of that $690 million from last year. Again, there will be a step increase in cash flows from 2019 to 2020 and from 2020 into 2021 again. We had a step change in free cash flow generation as well, which jumped to just under $300 million last year compared to $95 million in 2019, or a 211% increase in those free cash flows. If we go to financial flexibility, the upshot is that we have significantly increased our financial flexibility to meet our capital allocation objectives. At the end of the first quarter, our cash and liquidity position stood at $1.4 billion. That includes just under $680 million in cash and $750 million in available credit, and that's up from just over $1 billion in Q1 of last year. A comparison of quarter-over-quarter, year-over-year. Those numbers increased in Q1 this year with cash increases and debt increasing and debt decreasing. Given our strong execution and the favorable metal price environment, we believe our cash balances are only going to increase further. We are well-positioned to manage and reinvest in our business with targeted growth opportunities that begin with the drill bit, particularly at our current operations, but with a best-in-class balance sheet that provides us with the financial flexibility for acquisitions. In that sense, that's for our own business, with Wasamac being an example, an excellent example of that. We have more than enough cash available to continue to pay and increase our dividend. We don't prioritize our three capital allocation objectives between cash returns to investors, funding growth, and continuing improvement and resilience to balance sheet. Why? Because we don't have to. We can fund our low capital growth and business, maintain and improve our financial resilience, and pay and increase cash returns to shareholders. Now, on reserves. Daniel discussed our proven and probable reserves. I won't go into great detail, but I would like to reiterate the importance of the ability to replenish and to grow mineral reserves, which is something we've been consistently able to do across almost all of our operations. Daniel, you gave the example of El Peñon, which is an excellent one. El Peñon has never had more than seven years or so of proven and probable reserves, and yet we've been in production since 2019. This is a key aspect of mining and an area of strength for us, and that's evidenced by the growth in our mineral reserves. We have a large reserve base, and added to that is increasing resources. Our strategic mine life exceeds 12 years and is increasing. That begs the question, what will Yamana look like 10 years from now? Daniel pointed out to the three-year production guidance by mine and in total. We also have a 10-year outlook. We can confidently state that with the groundwork that we are laying today, there will most certainly be a thriving Yamana Gold 10 years, and I dare to say it, even 20 years from now. We will continue to be a senior producer with annual production of at least one million ounces gold equivalent per year through 2030. Several shareholders asked us, why did we choose to show a 10-year outlook when the convention is three years of guidance? The answer is simple, because we can. We have the mines and the assets, the resources and reserves that strongly support a sustainable one million ounces gold equivalent per year, and with growth added to that. Please take note that in 2028, a full eight years out, we are not reliant on exploration successes to support that platform without the introduction of new mines such as Wasamac. With modest exploration successes, in other words, and a track record of those successes and new mines, we will have a platform that is not only at one million ounces, but is between one million and 1.3 million ounces. As Daniel Racine mentioned, with modest CapEx year by year, that does not require us to forsake the other capital allocation priorities, as I mentioned a few moments ago. Furthermore, with our track record of exploration successes, where we continually replenish and increase our reserves, along with our ability to optimize and expand our operations as we are doing at Jacobina, and our pipeline of new projects, there is significant upside production potential. A case in point, we took a conservative approach with our 10-year forecast. We didn't include Wasamac in the one million gold equivalent ounce base case. We have every reason to believe that this feasibility stage project, and I emphasize there's a feasibility study already completed. We've completed the acquisition of this asset based on the quality of that feasibility study. We're now optimizing it based on our real-time experience. This is expected to enter production by 2025 and ramp up to more than 160,000 ounces per year by 2027 for at least eight years. We will continue with that production profile for that period of time of at least that million ounces. Our MARA and Suyai projects, along with the advancing projects in our generative exploration program, provide additional opportunities for upside, which I'd like to discuss in a moment. Before getting to that, I want to take a brief moment to highlight the Odyssey project and amplify on some of Daniel's remarks. This is an outstanding project whose development is brilliantly conceived. Because initial production begins in 2023, that's just about two years from now, by a ramp currently being constructed in the upper underground zones, cash flow from over 900,000 ounces from underground that will be produced during the period of 2023 to 2028, during the construction period, in other words, will fund the ongoing construction of the shaft that will be used to mine the project's lower zones. The project, in other words, is almost self-funding with modest capital costs on a year-to-year basis. The expected production platform of 545,000 ounces per year, which is higher than our original estimate early in 2020 of 450,000 ounces, will transform what is currently Canada's largest open-pit gold mine into the country's largest underground gold mine. As open-pit production gradually winds down, underground production will gradually ramp up, which increases production overall and cash flows. We reported strong exploration results yesterday that strongly suggest this already huge deposit of over 14 million ounces, which consists of three significant mineralized zones, may be far larger still. We have considerable optionality in this asset. With just over 7.2 million ounces in inventory as mineable, that number is likely to increase. With plant capacity running when we're at underground at only 20,000 tons per day, but with a plant that can accommodate more than 56,000 tons per day, we have considerable room for upside that will come from exploration successes that include that exploration success that we've already received with this extension hole that appears to extend the area of mineralization for East Gouldie, one of the three ore bodies, by a full kilometer. Let's look at some of the other projects in our pipeline. Our 56.25% interest in MARA includes 6.7 billion pounds of copper reserves and 4.1 million ounces of gold reserves. To give you a sense of the potential, Daniel referred to the life of mine. Let me speak of the first 10 years. With 260 million pounds of annual copper production for our 56.25%, a total production platform in excess of 500 million pounds on 260 million pounds attributable to us. That equates to 590,000 ounces of gold production per year based on prevailing copper and gold prices. That would put us on a trajectory to almost double our production and cash flows. Our Suyai project is a near development high-grade gold project located in Chubut Province in southern Argentina. It would produce up to 250,000 ounces of gold per year in its first eight years. Our ownership of 60% would therefore provide another 150,000 ounces of gold production. We're currently working to bring this project to development in tandem with a highly respected local partner at 40%, who is well-versed in the country's regulatory approval and permitting process. Our generative exploration program is a key component of our growth strategy, designed to advance our most prospective exploration stage properties and lay the foundation for the next generation of Yamana mines. There are currently 11 projects in the program at varying stages of exploration. We intend to have more to say on that as the year progresses and into next year. Our objective in the next three years is to bring at least one of these to a stage of resource of at least 1.5 million ounces, on which we can then build a mine plan for that next new mine, that next gen of mine in our portfolio, as I mentioned. We continue to make encouraging progress despite being slowed somewhat last year by COVID-19. We look forward to updating you later this year. What I want to emphasize is that when you consider the number of ounces and quality of projects in our pipeline, Yamana could comfortably, within that 10-year horizon, achieve a production platform of 1.7 million-2 million gold equivalent ounces per year from assets that we already own. I want to spend a little bit of time on governance. It's important to bear in mind that none of our success would be possible without a commitment to ESG excellence. As with other large-scale industrial enterprises, our business can have impacts, and it is incumbent on us to responsibly assess and manage those impacts as much as possible while ensuring that we maximize the benefits of mining to local communities and all stakeholders. ESG is woven into the fabric of our business, and I want to focus on the governance aspect for a moment, because without effective governance, effective management of environmental and social issues is not possible. With an emphasis on the E and the S, often the G gets overlooked, and it should not be. Governance drives behavior and culture. Our governance oversight extends to our board and is underpinned by a strong architecture of policies and internal controls. There are direct lines of communication on all ESG-related matters, including to myself as Executive Chairman and to our sustainability committee and our board of directors. Furthermore, our ESG performance is directly and meaningfully linked to executive and site compensation. Let me speak a little bit on the environment. Our business success is not possible without responsible environmental stewardship. The comprehensive tailings management strategy that we have adopted at Jacobina is a good example of how this plays out on the ground, literally and figuratively. We have initiated several studies to ensure the long-term sustainability and reduce the operations environmental footprint. Work conducted in 2020 confirmed that both paste backfill and hydraulic backfill are technically feasible options for the disposal of tailings into underground voids and thereby minimizing the quantity of tailings that are stored at surface. As a first step, we have decided to advance with a hydraulic backfill plant project, which provides a relatively simple and low-cost solution for underground deposition of tailings. The project is currently in the permitting phase with a feasibility study already completed. We've completed a conceptual study to evaluate further opportunities. These include dry stack tailings and a paste backfill that is in parallel to the hydraulic backfill, which could provide opportunities in the future for additional storage of tailings to support future mineral reserve development. While our approach at Jacobina is instructive, it is not unique. We're also evaluating a similar approach to managing our environmental footprint for our Wasamac project, and one of the key drivers of the integration of Agua Rica into Alumbrera to form our MARA project was the fact that it will significantly reduce the project's environmental footprint. Ultimately, MARA, when the project comes online, we will produce a green metal that is crucial for world climate action, and in doing so with a smaller environmental footprint due to the integration between Agua Rica as a project that will become an open-pit mine and the existing Alumbrera plant and infrastructure. We don't have to build another plant, infrastructure, tailings storage facility, et cetera. I mentioned a moment ago that none of our success would be possible without a commitment to high-quality ESG management. Today, that commitment must include a Climate Action Strategy. In February, we announced the board-approved strategy that is underpinned by the adoption of two targets, a two-degree Celsius science-based target, an aspirational net zero 2050 target. We have now begun the foundational work to support our Climate Initiative to reduce greenhouse gas emissions. These include establishing a multidisciplinary Climate Working Group that will oversee the strategy and implementation. We are determining baseline emissions at our sites, developing greenhouse gas abatement pathways that are required to meet our science-based targets, establishing preliminary operations-specific roadmaps that describe abatement projects, estimated costs, and schedules. These actions will help us to ensure that our long-range greenhouse gas reduction efforts are supported by practical and operationally focused short, medium, and long-term actions to achieve our targets. Many companies set ambitious targets, but with little in the way of concrete details on how these targets will be met and measured. Aspirational goals are perfect. They're perfectly fine, but so long as they are or will become part of achievable science-based goals and processes. That is what we have begun. A little bit to conclude on our share price performance and a theme that we adopted called Follow the Money. I said earlier that we believe that metal prices have room to run, that we are in the early innings of a long-term bull market for metals. As a result, we believe that investors, both specialists and generalists alike, will increase their exposure to gold equities, and that ultimately our valuation and the valuation of the gold mining sector more broadly, which are not being fully recognized, as shown here, will eventually come into balance. We believe that it is our obligation to seek out investors wherever they may be, which is why in 2020, we listed on the London Stock Exchange. Yamana's focus on sustainability, financial performance, and cash returns to shareholders are a great hand-in-glove type fit with the values and priorities of these investors, who by choice or by necessity, prefer to invest in London-listed companies. Now, it'll take us some time to build a following in London, in Europe, and more broadly internationally. Clearly the pandemic has prevented us from holding face-to-face meetings with prospective investors and building on those relationships. We look forward to the opportunity to do that, and we are confident that our London listing will improve our overall liquidity and expand our share register. Ladies and gentlemen, in the couple of slides that follow are the summary of our highlights of 2020. I won't spend a considerable amount of time on those. Review those at your leisure. We've discussed most of them in the course of this presentation. As we progress in this presentation, let's talk a little bit about the catalysts and upcoming milestones. We announced an inaugural 10-year production outlook. We delivered impressive technical studies for the Odyssey Underground project and announced a positive construction decision on the project, and we formally adopted a climate change strategy to transition to a low-carbon future. That is what we've already done in 2021. Looking ahead, there are several additional milestones. By mid this year, we expect to provide an update on our Jacobina Phase II expansion plan, and we expect to release, as we have for the past 14 years, our 2020 material issues report. We will be providing an update on optimization initiatives at our Wasamac project by the third quarter, Daniel, as you mentioned. In the second half of the year, we will be providing an update on our exploration results at all of our operations and projects. By next year, we expect to be sharing the MARA feasibility study, which is progressing well, and a completed environmental and social impact assessment. A bit further down the road, by 2023, so barely two years out, we will begin production from Odyssey South, which is the underground at Canadian Malartic. 2020 was a unique year. We were able to overcome the challenges that were posed by the pandemic, we continued to advance our strategies, priorities, and company. We developed and deployed strategies to advance and improve our business. We made our business stronger, we created resilience that will ensure the sustainability and durability of this business. I once again express my gratitude and appreciation to Yamana's employees for their dedication and commitment through these most unprecedented of times. To conclude our presentation before our questions, I wish to leave you with this thought. While we are corporately committed to inclusion, we include in that persons with disabilities. We can learn a lot from our operations. At our Jacobina mine, a program of broad-based inclusion of persons with disabilities was developed, interestingly, independently of corporate head office. We at corporate office are now using this program as a role model for our overall corporate effort. Staff at Jacobina has prepared a short video on this topic, which explains the disability inclusion program. This is one of many inclusionary programs, but it is an important one, and I hope it will move you as much as it has moved me. [Presentation] Ladies and gentlemen, we will now move the meeting to questions, and I see that we've already received several questions. Perhaps if I can open up to the questions to the moderator, Kathleen, if you would let us know what questions have been asked. Thank you. Our first question is: the company has a number of organic growth opportunities in the pipeline, such as the Odyssey Underground project at Canadian Malartic, the phased expansion at Jacobina, the opportunity to increase plant throughput at El Peñon and the new Wasamac project. How are these opportunities prioritized against one another? More broadly, how does organic growth fit within the capital allocation strategy? Not only a good question, but many aspects to that question. Let's begin with the back end, which is the capital allocation strategy. As mentioned in the presentation, we have three factors, priorities to the capital allocation strategy, balance sheet management and resilience, delivering cash returns to investors and funding our growth. We don't put a priority on those. As I mentioned in the presentation, we don't have to because we are able to fund all of it and still provide not only a dividend to shareholders, but a likely increase in dividend to shareholders as cash flows continue to increase our cash balances. Organic growth fits very well into the capital allocation strategy of the company, and we've got plenty of organic growth. Of those that were mentioned in the question, let's segregate some parts. The plant capacity at El Peñon is there. We don't need to do anything. It doesn't require capital because we have plant capacity. By doing more development work, mining at a faster rate allows us to be able to process more or engage at a higher production level. We indicated with our 10-year outlook that we could see El Peñon's production on a gold equivalency basis between gold and silver, increasing to between 220,000-230,000 ounces to as much as 260,000 ounces per year. The other projects that were mentioned, Odyssey and Wasamac and Jacobina, do require capital, but let me segregate. The phased expansion of Jacobina is a very modest capital amount. We've completed phase I. We're advancing phase II and phase II to take the production platform to 230,000 ounces per year from the current level of about 175,000 ounces per year requires somewhere between $50 million and $57 million. The actual number is $57 million. If we look at some of the improvements we've made when we first published that number, and the change in foreign exchange between the exchange rate then and now, the number is closer to $50 million. We'll be in the range of $50 million. As we complete permitting and then spend that money over a year and a half or so, that means that we're applying a very modest amount on a per year basis of capital. What it leaves then is Odyssey and Wasamac, and Odyssey is already in development. Daniel mentioned that we are eight years in that development, beginning to get production from 2023, but that ramps up very significantly by 2028, and then we're in full production in 2028. We're spending a very modest amount. You saw that bar graph in our presentation that shows that we're spending a very modest amount year by year, Wasamac is in permitting. As we complete the permitting process within the next, roughly 3- 3.5 years, we don't expect to be in development until sometime after that. This is nicely spaced out so that we're not spending significant inordinate amounts on a year-to-year basis, and that is very deliberate on our part. We've taken advantage of the opportunities inside the company to space out what, because of technical reasons or by other reasons, so that we're not spending too much on a year-to-year basis, and we can properly manage our capital allocation strategy amongst those three priorities. Should we move to the next question? Okay, great. Second question is, you recently announced a 10-year outlook to maintain a gold equivalent production profile of one million gold equivalent ounces with potential for further upside. Can you discuss the potential upside you could see from assets such as MARA and Suyai, which are attractive high return projects, but which you didn't include in your long-term production outlook at this stage? I'm delighted to do that. We did, and we did not. As you see in the presentation, we're now beginning to be a bit more forceful in terms of what is the true upside from a production and cash flows point of view in the company. MARA is near feasibility study. The pre-feasibility study has aspects that are already at feasibility study level. With the integration of Agua Rica as the open pit mine and Alumbrera as the plant with all of its infrastructure, ancillary buildings, pipeline, tailings storage facility, makes this a brownfield project rather than a greenfield project. It will be a project that likely gets developed, but we're well down the path of improving it and optimizing it, as Daniel mentioned. The result of all of that is that MARA will be in production. What Yamana is evaluating, what our Board is evaluating is, do we, as a 56.25% owner, so the controlling stakeholder and the operator, do we manage that development? It would put us in the copper business, and that's not a bad thing, but we're evaluating that. Why we've not included it is that we're still going through feasibility study and permitting, and we're evaluating strategically what to do with this robust value in this asset. As we come to a conclusion on that, we'll begin to more forcefully indicate what that means to us. Is it a value space holder for us, or is it a true development stage project that will deliver 260 million pounds of copper production per year, at least for the first 10 years? That equates to roughly 590,000 ounces of gold production. It's a meaningful production platform. It is a low capital and cost intensity project. Do we stay at 56%, some smaller number? We're evaluating all of that. The good news for investors is that it has a net present value at $3 per pound of copper of just under $2 billion and at $4 per pound of copper, and remember, we're at $4.50 per pound of copper today, the NPV of this project increases to above $4 billion. Again, we own 56.25% of it. The result of all of that is that it represents impressive value, none of which is recognized in our share price today. One of our objectives is to ensure that shareholders understand that new investors can see the benefits of that, and it begins to reflect itself in our share price. Finally, on Suyai, it was asked about Suyai. Suyai is a development-ready project. It happens to be in a province of Argentina that does not have a mining law. We are delighted with some of the indicators that suggest that they're looking to see how they can adopt that. Clearly, the local communities and provincial government are looking for sustainability. They're looking for environmental support, making sure the companies act responsibly. We're confident that we'll be able to demonstrate that. As and when that law is adopted, this is a development-ready project that within a couple of years can generate 250,000 ounces of production, and we own 60% of it. Moderator, you mentioned there was a third question. Yes. The company recently released a technical study on the Odyssey Underground Project that outlined attractive economics, but which only included approximately half of the year-end 2020 resource base. In addition to including some of these additional resources in the mine plan, what are some of the other opportunities that are being looked at to further optimize the project and provide additional upside? I know we're running late on our program, and this appears to be the last question that has presented itself. Let me spend a few moments to discuss it. This is really an important question. We bought Canadian Malartic in 2014 with an identified open pit that extended to 2027, but with some indication that there was an underground ore body based on some drilling that already occurred. We bought it in part on the prospect that that underground would manifest itself. We knew it was there. We didn't know that it would be as big as it has become. Boy, is it big. With more than 14 million ounces already in inventory, it is highly likely that that 7.2 million ounces that is presently in the mine plan will be increased. Remember that we're excavating a ramp into the upper ore bodies and constructing a shaft that with a hoist will deliver ore from some of the deeper zones, and particularly from the East Gouldie ore body. That leaves another seven million ounces, and given that extension hole that we mentioned in our presentation, it's likely that that continues to get bigger as well. I mentioned in our presentation that we've got plant capacity, because when the underground is fully functional and operational, we would be at 20,000 tons per day, not at the plant capacity of 56,000 tons per day. What Malartic provides us along with Odyssey is excellent optionality, excellent prospects, not only of new discoveries that would likely increase the inventory of ounces that would be mined, but also the potential to mine some of that additional inventory that is not yet in the mine plan. I'm speculating here. I appreciate that no engineering has been done. Is there a second ramp or an extension of the ramp into the upper ore body into Odyssey North that allows us to be able to capture more ounces of production concurrently with the deeper zones, the ounces coming from the deeper zones? This is something that remains to be tested and evaluated. We have a large land package, that means that there is significant potential for nearer to surface exploration successes. I'd like to remind everyone that when we completed our Monarch purchase earlier this year, we not only acquired Wasamac, but we also acquired Camflo. Camflo is within the area of interest of the mine. We've developed an exploration plan for Camflo, and we've made it available to the partnership, and the partnership is evaluating it. If this enters the partnership, we think that that represents another excellent prospect for further discoveries that may support a higher production platform. For now, we've taken an underground that was initially planned at 0 to 450,000 ounces per year early last year to 545,000 ounces, so almost 100,000 ounces more by your view this year. There is the potential for room for more and for that to increase. As I see that that was the last question that was provided by our shareholders, I would like to thank all of our shareholders and other guests that are on this call. Thank you for your support, and we look forward to seeing you at our next annual meeting next year.
Loading workspace