Thank you all for joining us this morning. Before I turn the call over, I need to advise that certain statements made during this call today may contain forward-looking information, and actual results could differ from the conclusions or projections in that forward-looking information, which include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the timing and amount of estimated future production, cost of production, capital expenditures, future metal prices and the cost and timing of the development of new projects. For a complete discussion of the risks and uncertainties and factors which may lead to actual financial results and performance being different from the estimates contained in the forward-looking statements, please refer to Yamana's press release issued yesterday announcing first quarter 2022 results as well as the management's discussion and analysis for the same period and other regulatory filings in Canada and the United States. I would like to remind everyone that this conference call is being recorded and will be available for replay today at 12:00 p.m. Eastern Time. Replay information and the presentation slides accompanying this conference call and webcast are available on Yamana's website at yamana.com. I will now turn the call over to Mr. Daniel Racine, President and CEO.

Thank you, operator. Thank you all for joining us today. Welcome to our first quarter 2022 conference call and webcast. Presenting with me today is Jason LeBlanc, our Senior Vice President of Finance and Chief Financial Officer; Yohann Bouchard, our Senior Vice President and Chief Operating Officer; Gerardo Fernandez, Senior Vice President, Corporate Development and Investor Relations; and Henry Marsden, Senior Vice President of Exploration, will also be available to answer questions during the Q&A portion of the call. The health and safety of our employees always come first, and despite our excellent track record, this is something we are always working on improving. Our Total Recordable Injury Rate was 0.25 during the first quarter -- 0.75 during the first quarter. And I would like to thank all of our employees for remaining focused and committed to our safety values. We continue to take action across the company to minimize the spread of COVID-19. Notably, we are happy to report that more than 99% of our company's employees and contractors have received at least 1 dose of COVID-19 vaccine and more than 96% have received 2 doses. Approximately 76% of workers have received a third dose booster shot. We also recently opened a dedicated community relation office for the Wasamac project in Evain, Quebec to continue our dialogue with the community and local stakeholder. During the quarter, we published our Climate Action Report, which includes information on our climate governance, strategy and the steps we are taking to meet our science-based 1.5-degree Celsius greenhouse gas abatement target. The document can be found on our website and I encourage all of you to review it. Yamana has the longest story of prioritizing the health and safety of its people, protecting the environment and the communities where we operate, and we are…

Great. Thank you, Daniel, and good morning, everyone. Turning to our first quarter financial performance, our continued operational strength helped revenue reach $441.9 million, up nearly 5% from the same period last year. Gross margin, excluding DD&A rose 5% to $262.7 million from $249.9 million in the year earlier period. Earnings during the quarter were $57.8 million or $0.06 per share or similar to last year. But on an adjusted basis, earnings were $0.09 per share versus $0.07 per share last year. Cash flows from operating activities before net change in working capital came in at $197.3 million, up over 7% from last year. We always have a first quarter working capital outflow based on normal yearly cycles, but it was a little higher this Q1 from higher stockpiles and an unbudgeted build in materials and supplies inventory in response to geopolitical events. So cash flows from operating activities of $151.7 million during the quarter compared with $160.2 million last year. We also generated free cash flow before dividends and debt repayment of $34.7 million during the quarter. And we ended the quarter with cash and equivalents of $516.4 million, including $218.3 million available for the MARA project. As Daniel already noted, we expect free cash flow to increase quarter-over-quarter with the strongest free cash flow generation anticipated in the second half of the year and, in particular, during the fourth quarter, which is expected to result in cash balances steadily increasing throughout the year. I've noted before that in Q2, we always have our final cash tax installments from the prior year that will be true again this year with about 40% of our annual cash taxes occurring during Q2. Many people have been asking how inflation has been impacting our business. When we guided earlier this year, we…

Thanks, Jason. And with that, I will turn it back over to the operator for question.

[Operator Instructions]. Our first question is from Anita Soni with CIBC World Markets.

Sorry, I put myself on mute. So I just wanted to ask in terms of the capital spend that you have over the course of the year. I think you spent about 21% or 18% somewhere in that range. Can you just give us a little bit of color on where you expect -- how that to play out over the course of the year? Will it really like sort of pick up in Q2? Or is there more of an even spend over the course of the year?

Yes. Pretty even by quarter now, Anita, over the balance of the year. So both you look at sustaining or expansionary capital, it'll be pretty flat, take our guidance minus what we spent in Q1 divide by 3 and it should be pretty good.

Yes. And is there any -- the reason why it was a little bit under spent, is that because of any sort of inflationary COVID-related impacts? So is there any kind of risk to higher capital into next year or delays in anything in any of your projects?

No, not really. I think you always see that we tend to start the year a little bit slow on the capital spend. I think that aligns as well with the lower production in the quarter. But no, we're ready to -- we want to spend our capital for the flexibility it provides.

Okay. And then the last question I have, again on CapEx is, I saw -- or actually a couple of questions more. But the -- I think the major CapEx difference was Malartic. And I'm just curious, is -- it was stripping pick up on that? Like I said, is that, at the correct level for capital spend throughout the year? Or is there a higher uptick up in stripping over the course of the year?

So you're talking in sustaining?

Yes, sustaining both. Both sustaining and development capital there.

Yes, I think our share is probably $50 million to $60 million less around sustaining. So again, divided by three, pretty good.

Okay. All right. And then the last question was in terms of the care and maintenance costs at Alumbrera, is that a good number to use for the remaining quarters of the year?

Yes, you can just roll that out. That's good.

Our next question is from Tanya Jakusconek with Scotiabank.

Great. Good morning, everyone, and thank you so much for taking my questions. And first of all, Jason, thank you so much for providing us the sensitivity to the oil price. I just wanted to check, does fuel represent about 8% of your cost structure? I'm just trying to understand what percentage I'm working with that sensitivity, please.

Yes. We look at everything on ASIC cost structure. I mean, you may be a little bit closer on pure OpEx. But when we look across ASIC, it'd be about half that amount, I'd say. So it's there with our power. Those are our 2 biggest contributors to consumables.

Okay. So then if I was to use this at $5, it would be closer to half, if I was just looking at it on total cash costs, would that be correct way of thinking about it, the sensitivity?

Yes. Order of magnitude might be a little heavy, but...

Okay. And just another thing, just on -- we've seen some wage inflation. So I just want to confirm with yourself and Daniel, that pretty much all of your labor agreements are in place for 2022, and we don't really have any large ones coming up. Is that fair to say?

Tanya, you're absolutely right. Like we mentioned last year, we signed all our agreement in '22, so -- in '21. So in 2022, we don't have any CBAs to sign. So it's just normal discussion on inflation at each of the country where we adjust our salary, but it's already all planned in our budget.

Okay. And just wanted to check on that. And just -- you also mentioned in your press release you're seeing consumable increases in steel. I just wanted to have a little discussion if you're seeing any other inflationary pressures in any of your consumables, some have set cyanide or any supply chain issues that you're seeing?

Well, on the supply chain, we have not seen any issues. And then like Jason mentioned, we have increased a bit our capital spending on the first quarter because of the -- what's happening in the Ukraine. So we didn't took any chance and then we increased our inventory. But on the cost, we have 2 choices in life, is to accept these cost increases and they are there and do nothing or do what our team is good to do is look at opportunities to mitigate these costs. And they've been quite efficient in the past years and then so far this year in 2022. And then everyone in this team is their focus to make sure we have these increases, like all the other company like us personally, when we go buy anything, we see it. But again, we made the choice to look at ways to mitigate these costs. I'm not saying we will be able to mitigate 100% of them, but we've been quite good so far. And one of the best way to do it is to see how we can increase production from this year, what we've done last year and the year before. When the divider is higher, it's always helping even if the top line on cost is a bit higher.

I appreciate that. And maybe just on the guidance that you provided and reiterated this morning for 2022. Should we still be thinking the same way as you gave guidance in Q4, which was that every quarter going forward should be evenly distributed on the gold side and then we have more silver in the second half from El Penon. Is that a fair assumption?

Yes. As you know, Jacobina will be in full Phase 2 production starting in the second half of this year. So you will see an increase in gold in Q2 compared to Q1, then Q3 and Q4 will be more stable, but all the other mines are basically almost equal each quarter. So that's the beauty of this year, most of the mine, or all the mines have equal quarters. Just Jacobina is increasing its production. And right, like I mentioned, Cerro Moro will be stable over the year on the silver, but actually, the planning, our plan shows a higher silver production from El Penon in the second half.

Okay. Perfect. And if I can ask one last question just on the inflationary pressures. We talked a little bit on the cost side. As you look at Wasamac, and thank you for mentioning that Canadian Malartic is on budget and on time. Anything you're seeing on capital at Wasamac?

Yohann?

Any pressures or anything you're doing there?

Tanya, thanks for the question. Here, this is Yohann speaking. We are reviewing our cost, but so far, we don't see any impact on our -- for disclosure of 400, I think, $16 million to build that project.

Okay. I appreciate that. And I'll let someone else ask questions.

[Operator Instructions]. Our next question is from Fahad Tariq with Credit Suisse.

Thanks for taking my two questions. First, Jason, if I could go back to one of your comments on just the sensitivity. So you mentioned, I believe that the budget was at $80 a barrel and that $10 a barrel move results in $5 per ounce on GEO-basis higher cost. So if I look at your annual guidance for the year, which is $725 per ounce. And given that we're at, call it, $100 a barrel, is it fair to say like adding $10 an ounce rough math makes sense, assuming these oil prices stay for the rest of the year?

Yes. Well, as I gave you $10, so at a $20 spot, up to spot then the $10 per GEO on an ASIC basis.

On an ASIC basis?

Yes. I think in total dollar is about $10 million.

Got it. Okay. That's helpful. And then just a second question. Can you mention or going to some specifics on some of these productivity gains? Like what are the biggest ones across the portfolio? Because I mean, frankly speaking, Yamana in a very positive way has been an outlier when it comes to containing inflation.

Yes. I think that goes through our -- it's a robust procurement effort. So it's a lot of work to do tenders all the time, but we're continuing to do those tenders. We're continuing to test different competing products. And with those come not only cost, but potential productivity savings. So I think those 2 things, we had been carrying a decent amount of inventory throughout. That was the case to start the year. And then mid-Feb, we pivoted to build up inventories on some of those items we felt were more at risk either from a supply chain or a price perspective. So there's items we've got 4 months to 6 months of inventory sitting there. So that's taken the edge off any increases that have happened since then, but it's just -- I'd call it a mature and robust procurement and supply chain that's -- it's a lot of work, but it pays off.

Maybe to add to that. Good question, but maybe I should add to that. We mentioned many time over the past years that we have what we call operational excellence, a team at our company at each of the operation by Yohann and his team. So each mine, they have project each year to try to beat inflation and/or cost increase. And then it's everyone at the mine site. It's not our staff only. It's coming from our employees at working on the field, seeing opportunities for us to improve the way we drill the way we do things. And then we put these teams together, they work and they come with project saving at heat of the mine. And then the mines are sharing in between themselves, if they find a way to reduce costs or be more efficient, they share between themselves. And we're proud to have this, and this work really, really well. And that help us to maintain our cost or keep our costs as low as possible.

Our next question is from Mike Parkin from National Bank Financial.

Guys, can you hear me okay?

Yes, Mike.

We're hearing about labor tightness ahead of Canada and Australia. And I was just wondering if you could make any comments in terms of how that -- how you're potentially protected or exposed on the Canadian Malartic Odyssey development? Is it a contract where you're kind of lock into rates that major labor price movement changes would not impact? Or is there a bit of a risk there to watch?

Mike, very good question. Canadian Malartic is an employer of choice in the Abitibi. We're lucky there. We had a very long mine life in the open pit. Now we're seeing decades of operation underground. So -- and Canadian Malartic is recognized to be a very good employers were paying above average salaries and then benefits. So it attracts people. So we had no issues to hire our staff last year to start planning the underground development starting this month, actually with our own employees. And so far, we had no issues at all to hire people. It's tight, but we don't have [indiscernible] any problem.

Okay. Congrats on a good quarter.

Thank you. There are no further questions registered at this time. I would like to turn the meeting back over to you, Mr. Racine.

Well, thank you, operator, and thank you all for joining us today at our first quarter conference call and webcast. As our reminder, we have our annual meeting of shareholders later this morning, which will begin at 11:00 a.m. We welcome you to join us at the Design Exchange at 234 Bay Street in Toronto, or you can visit our website at yamana.com, for the detail to tune in online. We look forward to seeing many of you later today. Please take care and stay safe. Bye for now.

Thank you everyone. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.