Canadian gold miner Yamana Gold rewarded its shareholders with a 100% increase in its dividend, continuing its more-than-thirteen-year track record of having paid a dividend.

The company first declared a dividend in late 2006, which was just more than three years after inception of the company and as its first phase of mine development was completed.

Yamana announced on Thursday that it would pay a fourth-quarter dividend of $0.01 a share on January 14.

The miner also reported its third-quarter financial and operational results, with net earnings of $201.3-million, or $0.21 a share, compared with a loss of $81.3-million a share a year earlier.

Adjusted earnings were $49.5-million, or $0.05 a share, beating the prior-year period’s adjusted earnings of $23.6-million, or $0.02 a share.

Cash flow from operating activities increased markedly during the quarter to $157.4-million, a 72% increase over the previous three-quarter average. Cash flows from operating activities before net change in working capital rose to $152.4-million, a 22% increase from the previous three-quarter average, while net free cash flow of $99.9-million was 36% higher than the previous three-quarter average and more than double the $49.1-million generated in the third quarter of 2018.

Yamana explained that the change was largely driven by higher gross margins, owing to favourable metal price increases with stable costs across its mines and a positive net change in working capital.

Cash costs during the quarter of $678 a gold-equivalent ounce (GEO) were relatively stable in relation to the first half of 2019, while all-in sustaining costs (AISC) increased to $1 039/GEO, owing to increased exploration spend in the second half of the year.

Yamana’s GEO for the quarter was 238 623, including 209 923 oz of gold and 2.48-million ounces of silver.

"We expect that to continue through the fourth quarter — historically our strongest — and beyond. This will have added financial benefits, including increased free cash flow, a stronger balance sheet, and greater financial flexibility to reinvest in the business, deliver growth, and increase returns,” said CEO Daniel Racine.

Net debt decreased by $810.3-million during the quarter to $948.9-million.