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Yamana Gold (TSX:YRI; NYSE:AUY) has raised its annual dividend by a further 25% to $0.0625 on the back of strong first-quarter results. This is the third dividend increase announced by the company over the past year, representing a cumulative total increase of 213%.

For the three-month period, Yamana posted net earnings of $45 million or $0.05 per share, an improvement over the $4.1 million net loss reported a year earlier.

Adjusted net earnings came to $47.2 million or $0.05 per share, nearly double the $24 million or $0.03 per share recorded last year.

Cash flows exceeded all comparable measures in the prior-year quarter, with net free cash flow of $91.1 million exceeding the average of the past four quarters by 14%. As a result, the company managed to reduce net debt by $20 million.

Across its operations, Yamana’s gold production totalled 192,238 ounces for the quarter, in line with guidance, with the Jacobina, El Peñón, and Minera Florida mines all exceeding targets, and despite government-mandated temporary suspensions of operations at both Cerro Moro and Canadian Malartic.

Silver production exceeded 2.7 million ounces following a strong performance from El Peñón, which exceeded its production target.

Unitary costs were better than expected during the first quarter, and comparable to the same period in 2019 despite lower production.

However, due to the impact of covid-19, the company has revised its 2020 guidance to 786,000 ounces of gold and 10.25 million ounces of silver, down from its original guidance of 857,000 ounces of gold and 11.5 million ounces of silver.

During the period, Yamana completed the phase 1 expansion of Jacobina a full quarter ahead of schedule, as well as the phase 2 pre-feasibility study (PFS). The company plans to provide more details on the PFS in May, along with the publishing of an NI 43-101 report.