Business
Dundee Precious Metals Announces 2022 Third Quarter Results; Delivers Another Strong Quarter of Free Cash Flow
TORONTO, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the “Company”) today announced its operating and financial results f
About this update from Dpm Metals Inc.
[{"type":"text","content":" TORONTO, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the “Company”) today announced its operating and financial results for the third quarter of 2022. Highlights(Unless otherwise stated, all monetary figures in this news release are expressed in U.S. dollars, and all operational and financial information contained in this news release are related to continuing operations.) Metals production: Produced 63,870 ounces of gold and 6.9 million pounds of copper; on-track to achieve 2022 production guidance of 250,000 to 290,000 ounces of gold and 32 to 37 million pounds of copper. Complex concentrate smelted: Throughput of 63,990 tonnes at Tsumeb, a near-record level of quarterly production. All-in sustaining cost: Reported cost of sales per ounce of gold sold1 of $1,209, and an all-in sustaining cost per ounce of gold sold2 of $991. DPM expects to achieve its 2022 guidance for all-in sustaining cost of $750 to $890 per ounce of gold sold. Free cash flow: Generated $30.0 million of cash from operating activities and $43.2 million of free cash flow2. Adjusted net earnings: Generated a net loss attributable to common shareholders from continuing operations of $57.7 million or $0.30 per share, as a result of an $85.0 million non-cash impairment charge in respect of Tsumeb, and adjusted net earnings2 of $25.3 million or $0.13 per share. Financial position: Maintained strong financial strength with $419.6 million of cash, supplemented by a new $150.0 million revolving credit facility that includes generally more favourable terms and provides added financial flexibility. Returning capital to shareholders: Returned $36.5 million year-to-date to shareholders, comprised of a quarterly dividend and share repurchases. Declared fourth quarter dividend of $0.04 per common share payable on January 16, 2023 to shareholders of record on December 31, 2022. Development projects: Updated feasibility study (“FS”) for Loma Larga on-track for completion by year-end with the results expected to be released in the first quarter of 2023; received exploration permit and initiated drill program at the high-potential Čoka Rakita prospect located nearby the Timok gold project. ________________________________________ 1 Cost of sales per ounce of gold sold represents total cost of sales for Chelopech and Ada Tepe, divide...