The company produced 231,988 gold-equivalent ounces, with the above mines producing 89,550oz and 20,818oz of gold respectively, both above plan.
Yamana expected to continue its "established trend" of delivering stronger production in the second half of the year, along with quarterly sequential increases in production.
It announced adjusted net earnings of US$67.2 million or $0.07 per share, which Canaccord Genuity analysts said was slightly ahead of their estimate and consensus of 6c.
"We calculate Q1/21 adjusted EBITDA of $234 million, 3% ahead of our $228 million estimate and consensus of $226 million," they said.
"We continue to like Yamana for its stable production profile, improving balance sheet and attractive valuation (0.78x NAV versus the senior average of 0.90x) and an attractive FCF yield (2021E) of circa 9%."
Yamana said production at Jacobina in Brazil reached an all-time monthly high in March.
It was moving ahead with an $8 million hydraulic backfill plant at Jacobina, was advancing the phase two expansion and had started a conceptual study on a phase three expansion to take throughput to 10,000tpd at anticipated modest capex.
Canadian Malartic is transitioning from openpit to underground and Yamana said drilling had identified a "potentially significant" extension to the mine's East Gouldie zone.
It said the first hole testing an area more than 1km east of East Gouldie's inferred resource had intersected 10.9m at 2.7g/t gold from 1,995m, indicating excellent down-plunge growth potential.
Ten rigs were continuing exploration at East Gouldie, the company said.
More M&A?
Yamana recently acquired Monarch Gold and Wasamac and the company said it would consider the acquisition of earlier stage development assets or companies that aligned with its objectives for capital allocation and financial results, jurisdiction, geology and operational expertise.
Yamana ended the quarter with cash and equivalents of $678.1 million and available credit of $750 million.
It declared a second quarter dividend of 2.625c per share, saying this was 110% higher than the same quarter in 2020 and 425% than the same quarter in 2019.
Canaccord Genuity reiterated a buy rating and C$9 target price.
Yamana shares (TSX: YRI) closed up 0.8% to $5.89 yesterday, valuing it at $5.7 billion (US$4.6 billion).
