Thank you, Operator. Thank you all for joining us, and welcome to our fourth quarter and year-end conference call. Presenting with me today are Jason LeBlanc, our Senior VP Finance and Chief Financial Officer; Yohann [Bouchard] [sic], Senior VP Operation; and Gerardo Fernandez, our Senior VP Corporate Development.
For the Q&A portion, Henry Marsden, our Senior VP Exploration; and [Greg Fort] [Ph], our Senior VP Health, Safety, and Sustainable Development will also be available. Starting as always, with health, safety, environment, and community relation, our recordable injury rate was 0.49 in 2020. That represents a decline of more than 215% since 2012.
We continue to refine and improve our protocol to combat COVID-19. At Canadian Malartic, we have installed a third-party testing lab allowing site to test employees and contractor before they enter the mine. The lab is staffed by trained technician and operate seven days a week.
We also continue to engage closely with our host communities to support them in the fight against COVID-19, providing the nation in critical equipment and supplies. We achieved some notable milestone and recognition in 2020, as you can see on the slide.
As you will have seen in our announcement yesterday, we have formally adopted a climate strategy, further underscoring Yamana's commitment to transitioning to a low-carbon future.
Our strategy is underpinned by the adoption of two targets, a two degree Celsius science-based target, and an aspirational net-zero target by 2050. The targets are supported by fundamental work to be performed, in 2021, to establish a multi-disciplinary Climate Working Group, and determine our emission baseline as part of our effort to achieve our target. This action will help ensure that our long-range greenhouse gas emission reduction efforts are supported by practical and operationally-focused short, medium, and long-term action to achieve these targets. Yamana has a long history of prioritizing the health and safety of its people, sustainable development and environmental protection wherever it operates.
Our climate strategy is a natural extension of this business approach.
Turning now to the 2020 highlights, we showed great resilience in the most challenging and unprecedented of years.
We continue to deliver high ESG performance while moving quickly to ensure the health and safety of our people in the community where the pandemic hit. We delivered strong operational performance with Jacobina, Canadian Malartic, El Peñón, and Minera Florida, all producing above plan. And that translated into strong financial performance and increased free cash flow.
In fact, we achieved our objective of net debt to EBITDA ratio of below 1.0 when assuming a bottom-of-cycle gold price of $1,350. This further increased our financial flexibility, allowing us to raise our dividend by an additional 50%, to $0.105 per share. On a per GEO basis, our dividend floor is now $100 per GEO. We completed our exploration program, and delivered significant updates supporting mine life extension.
We continued to optimize our portfolio, monetizing certain assets such as our royalty portfolio, and acquiring Monarch Gold, which added the Wasamac project to our pipeline, and increased our presence in Quebec's prolific Abitibi District. We completed an Option Agreement on our Suyai gold project in Argentina, which we believe is an important step towards brining this outstanding project to development.
We also completed the integration of Agua Rica with Minera Alumbrera, an important milestone that [there is] [Ph] what is known now as the MARA project.
While we highlighted the significant net asset value as post pre-accessibility study project, we note that net asset value was determined at metal prices well below current level. At current level, the net asset value doubles to $4 billion.
We are not suggesting that this is what should be in models; we are saying that this is an impressive low-capital intensity, low-cost project with large copper and gold inventory, a robust production profile, long life and excellent returns. In the next several quarters, we will begin to outline how we intend to improve and realize more value from this project.
We have received the permit to advance the project yesterday, which is a positive news. And finally, we completed our listing on the London Stock Exchange, which provided us with exposure to investor in U.K., Europe, the Middle East, and Asia, that we didn't have before, raising our profile while offering these investor exposures to our portfolio of high-quality asset in the Americas.
Turning to our fourth quarter result, we produced 221,659 ounces of gold, with standout production from Jacobina and Minera Florida. Silver production was 2.59 million ounces, was above plan, underpinned by exceptionally strong performance from El Peñón. GEO production for the quarter was 255,361 ounces. Cash costs of $675 per GEO and an all-in sustaining cost of $1,076 per GEO were modestly above forecast due to the tightening of national safety measures in Argentina, and less production being classified as commercial production from Barnat at Canadian Malartic. Jason will discuss costs in more detail during his remarks. Net earning during the quarter was $103 million or $0.11 per share, with adjusted net coming at $107.7 million or $0.12 per share. Cash flow from operating activities were $181.5 million, and cash flow from operating activities before net change in working capital were $207.4 million. Free cash flow from before dividend and debt repayment was $61.7 million. We replaced gold mineral reserve depletion on a consolidated basis for our operation. And we delivered significant increase in mineral resources, including 1.84 million ounces of inferred mineral resources at East Gouldie on a 50% basis. East Gouldie is part of the Odyssey underground project at Canadian Malartic, which as you have seen in our announcement yesterday, is proceeding to development, which we could not be more excited about. Yohann will talk more about the project in a moment, but as a reminder, capital cost doesn't include the benefit that we will get revenue from 932,000 ounces coming from underground during the construction phase. The addition of Wasamac project also increased our mineral inventory at a favorable purchase price. Taking a closer look at our result for the full-year, we reported GEO production of 901,155 ounces, including 779,810 ounces of gold, and 10.36 million ounces of silver. Full-year production exceeding our original guidance for the year of 890,000 ounces GEO, and was within the minus 3% -- minus-plus 3% of the variance range of the revised guidance. Jacobina continues to be a standout, producing 44,165 ounces of gold in the quarter and an all-time record of 177,830 ounces for the year. It was the seven straight years of increasing production for Jacobina, a trend that we believe is going to continue. El Peñón produced 55,529 GEO in Q4, including 43,512 ounces of gold, and 922,954 ounces of silver. Q4 production at Canadian Malartic was 86,371 ounces on a 50% basis. The transition from Canadian Malartic pit to Barnat pit is going very well, with Barnat now in commercial production, 70% of the total tons mined in 2021 are expected to come from Barnat. Minera Florida continues to perform exceptionally well producing 26,352 ounces of gold during the quarter. This is the highest production level since 2010, and the second highest since the mine entered into production in 1986, excluding gold production from the reclamation of historic tailings. Costs at Minera Florida are expected to continue declining in 2021. Cerro Moro produced 42,943 GEO in Q4 including 21,259 ounces of gold and 1.67 million ounces of silver. Full-year GEO production was 132,415 ounces including 66.995 ounces of gold and 4.5 million ounces of silver.
While Cerro Moro operated continuously during Q4, travel protocols were tightened and rosters significantly reduced to protect the health and safety of employees and communities. This restriction was particularly stringent during December. Despite the impact of this restriction, production in Q4 was the highest of the year. Operation challenges related to COVID-19 are expected to continue in the first half of 2021, but the company expects the situation to normalize as the vaccination program ramps up in Argentina. The transition to [more mills] [Ph] is coming from underground ore at a higher grade than the open pit ore continued in the quarter and will continue in 2021 with most of the ore to the plant coming from Escondida Far West, Zoe, Escondida Central, and Escondida West underground mines.
We expect to return to production of 1 million GEO per year this year and retain that production level for the next two years -- the following two years. Fifty three percent of our production in 2021 is expected to occur in the second half of the year with production trending higher each quarter. This year we expect production of 862,000 ounces of gold and 10 million ounces of silver. In 2022 we are forecasting 870,000 ounces of gold and 9.4 million ounces of silver, and in 2023, 889,000 ounces of gold and 8 million ounces of silver.
As you may have noticed, we disclosed a three-year mine by mine guidance, a decision that underscores our confidence in forecast. I would add that see the three-year period as steady state on production and cash flow while we did groundwork for significant growth beyond that period as we advanced our project pipeline. We see cash cost ranging from $65 to $695/GEO this year with an all-in sustaining cost between $980 to $1,020.
Our all-in sustaining cost in 2020 was modestly above forecast due to the aforementioned national safety measure in Argentina and also that production being classified as commercial production from Barnat at Canadian Malartic. The net result of the modestly higher cost and lower expansionary capital at Barnat was neutral, and there was little impact to overall general cash flow.
Turning now to our updated reserve and resources, overall, it was another successful year for our mineral reserve and resources with the replacement of reserve depletion at our operating mine. Reserve increased to 13.8 million ounces of gold, 113 million of silver, and 6.7 billion pounds of copper. Of note here is the addition of our newly acquired Wasamac project which added 1.8 million ounces of reserve to our pipeline and that's more of the adjustment really given to recently announced integration agreement between Agua Rica and Alumbrera.
We have included 56% of our share of the MARA project as part of our company subtotal.
We also successfully increased measured and indicated resources to 14.6 million ounces of gold. In the inferred category, gold reserves climbed to 15.7 million ounces. And with that, I will now turn the call over to Yohann to provide some more detail on our reserve, resources, and project pipeline.