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Dundee Precious Metals Continues Record of Strong Free Cash Flow Generation; Announces 2022 Financial Results and Improved Three-Year Outlook
TORONTO, Feb. 16, 2023 (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, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the “Company”) today announced its operating and financial results for the fourth quarter and twelve months ended December 31, 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 is related to continuing operations.) Metals production: Produced 273,109 ounces of gold, in line with 2022 guidance and 30.8 million pounds of copper, slightly below 2022 guidance. Complex concentrate smelted: Throughput of 174,122 tonnes at Tsumeb, slightly below 2022 guidance. All-in sustaining cost: Reported cost of sales per ounce of gold sold1 of $975, and an all-in sustaining cost per ounce of gold sold2 of $885, within the range of guidance for 2022. Free cash flow: Generated $232.1 million of cash from operating activities and $166.4 million of free cash flow2. Adjusted net earnings: Reported net earnings attributable to common shareholders from continuing operations of $35.9 million ($0.19 per share) and adjusted net earnings2 of $129.0 million ($0.68 per share). Financial position: Ended the year with a strong balance sheet, including $433.2 million of cash, a $150.0 million undrawn revolving credit facility, and no debt. Returning capital to shareholders: Returned $44.1 million, or 27% of 2022 free cash flow, to shareholders through dividends and share repurchases. Declared fourth quarter dividend of $0.04 per common share payable on April 17, 2023 to shareholders of record on March 31, 2023. Enhanced Normal Course Issuer Bid (“NCIB”): DPM’s Board of Directors has approved the renewal of its NCIB, pending Toronto Stock Exchange (“TSX”) approval, for the purchase of up to $100 million of the Company’s outstanding common shares, subject to certain internal parameters. Strong sustainability performance: Scored in the 91st percentile among metals and mining companies in the 2022 S&P Global Corporate Sustainability Assessment and was included in The Sustainability Yearbook for the second consecutive year. Ada Tepe life of mine (“LOM”) plan: Updated mineral reserve and mineral resource estimate and optimized LOM plan for Ada Tepe with higher annual production, improved average grade and higher gold recoveries. Imp...