Business
Dundee Precious Metals Announces 2021 Second Quarter Results; Delivered Record Quarterly Gold Production and Generated Record Financial Results
(All monetary figures are expressed in U.S. dollars unless otherwise stated) TORONTO, July 29, 2021 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (
About this update from Dpm Metals Inc.
[{"type":"text","content":" (All monetary figures are expressed in U.S. dollars unless otherwise stated) TORONTO, July 29, 2021 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the “Company”) today announced its operating and financial results for the second quarter of 2021. All operational and financial information contained in this news release are related to continuing operations, unless otherwise stated. Second Quarter Financial and Operating Highlights: Record gold production – Achieved record quarterly gold production of 85,128 ounces. Copper production was 10.0 million pounds; Solid smelter performance – Throughput of 59,627 tonnes of complex concentrate; Strong cost performance at all operations – Reported an all-in sustaining cost per ounce of gold(1) of $605 and a cash cost per tonne of complex concentrate smelted(1) of $400, both below the low-end of 2021 guidance; Record quarterly free cash flow generation – Generated $75.7 million in cash flow from operating activities and a record $67.1 million of free cash flow(1); Record quarterly earnings – Reported record net earnings attributable to common shareholders from continuing operations of $67.5 million and adjusted net earnings(1) of $67.1 million or $0.37 per share; Dividends – Declared third quarter dividend of $0.03 per common share payable on October 15, 2021 to shareholders of record on September 30, 2021; Sale of MineRP – Closed sale of MineRP Holdings Inc. (“MineRP”) bringing in cash proceeds of $45.8 million; Acquisition of INV – Announced acquisition of INV Metals Inc. (“INV”) adding the Loma Larga gold project, an attractive development project in Ecuador, to the Company; Growing financial strength – Ended the quarter with $260.5 million in cash and an undrawn $150 million long-term revolving credit facility (“RCF”), as well as an investment portfolio of $76.9 million and no debt; and 2021 guidance – On track to meet previously issued 2021 guidance at all operations. “We delivered exceptional performance at our mines in the second quarter, achieving record gold production and impressive all-in sustaining cost performance. Our strong operating results generated record net earnings and free cash flow,” said David Rae, President and Chief Executive Officer. “Earlier this week, we completed the acquisition of the Loma Larga gold project, adding a high-quality, advance...