Business
Dundee Precious Metals Announces 2022 Second Quarter Results; Delivers Another Strong Quarter of Free Cash Flow
(All monetary figures are expressed in U.S. dollars unless otherwise stated) TORONTO, July 28, 2022 (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 28, 2022 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the “Company”) today announced its operating and financial results for the second quarter of 2022. All operational and financial information contained in this news release are related to continuing operations, unless otherwise stated. Highlights: Strong metals production – Produced 72,904 ounces of gold and 8.8 million pounds of copper, in line with 2022 guidance; Excellent all-in sustaining cost performance – Reported cost of sales per ounce of gold sold(1) of $906, and an all-in sustaining cost per ounce of gold sold(2) of $792, supporting a year-to-date cost that is below the low end of the 2022 guidance range; Attractive free cash flow generation – Delivered $71.8 million in cash provided from operating activities and $41.2 million of free cash flow(2); Strong adjusted net earnings – Generated net earnings attributable to common shareholders from continuing operations of $33.5 million or $0.18 per share, and adjusted net earnings(2) of $33.3 million or $0.17 per share; Growing financial strength – Ended the quarter with $423.3 million in cash, an investment portfolio of $35.8 million, an undrawn $150.0 million long-term revolving credit facility (“RCF”) and no debt; Returning capital to shareholders – Declared 2022 third quarter dividend of $0.04 per common share payable on October 17, 2022 to shareholders of record on September 30, 2022 and repurchased 1,598,800 common shares for a total value of $9.5 million in the first six months of 2022; and Continued progress at Loma Larga – Continued to advance permitting for the project, receiving the technical viability certificate for the filtered tailing storage facility in June, and received a positive decision in the Constitutional Protection Action (the “Action”) which upheld the validity of the Company’s environmental permits for exploration activity. “During the second quarter, we delivered strong gold production and excellent cost performance at our mines. On a year-to-date basis we have achieved an all-in sustaining cost below our 2022 guidance range,” said David Rae, President and Chief Executive Officer. “Based on our strong operating performance and our outlook for the balance of the year, our mining ope...