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Dundee Precious Metals Continues Record of Strong Free Cash Flow Generation; Announces 2023 Financial Results and Updated Three-Year Outlook
TORONTO, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the “Company”) announced its operating and financial results for the
About this update from Dpm Metals Inc.
[{"type":"text","content":" TORONTO, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the “Company”) announced its operating and financial results for the quarter and year ended December 31, 2023. 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.) Strong metals production: Produced 296,072 ounces of gold and 30.5 million pounds of copper, in line with 2023 guidance. All-in sustaining cost: Reported cost of sales per ounce of gold sold1 of $919 and an all-in sustaining cost per ounce of gold sold2 of $849, in line with 2023 guidance. Significant free cash flow: Generated $261.6 million of cash provided from operating activities and free cash flow2 of $227.9 million. Solid adjusted net earnings: Reported net earnings of $182.0 million ($0.98 per share) and adjusted net earnings2 of $180.0 million ($0.97 per share2). Growing financial position: Ended the year with a strong balance sheet, including $595.3 million of cash, a $150.0 million undrawn revolving credit facility, and no debt. Return of capital to shareholders: Returned $95.8 million, or 42% of free cash flow, to shareholders during 2023 through dividends paid and shares repurchased. Declared fourth quarter dividend of $0.04 per common share payable on April 15, 2024 to shareholders of record on March 31, 2024. Strong sustainability performance: DPM scored in the 91st percentile among metals and mining companies in the 2023 S&P Global Corporate Sustainability Assessment for the third consecutive year, and was included in the 2024 Sustainability Yearbook. Chelopech life of mine (\"LOM\") plan: Updated Mineral Reserve and Mineral Resource estimate and LOM plan with improved grades and recoveries support a mine life that now extends to 2032. Strong 2024 guidance and updated three-year outlook: 2024 production expected to be between 245,000 and 285,000 ounces of gold at an all-in sustaining cost of between $790 to $930 per ounce of gold sold. Strategic review of the Tsumeb smelter: DPM has decided to undertake a strategic review of the Tsumeb smelter, including a potential sale, as the smelter is no longer seen as strategic to DPM's asset portfolio. Acquisition of Osino: On December 18, 2023...