Business
Dundee Precious Metals Delivers Record 2020 Results; Announces 2020 Fourth Quarter and Year-End Results and Provides Three-Year Outlook
(All monetary figures are expressed in U.S. dollars unless otherwise stated) TORONTO, Feb. 11, 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, Feb. 11, 2021 (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 ending December 31, 2020. Annual Financial and Operating Highlights: Record gold production – Strong operating performance continued in the fourth quarter and contributed to record gold annual production of 298,289 ounces, at the top end of 2020 guidance. Copper production of 35.6 million pounds was in line with 2020 guidance; Solid smelter performance – Achieved throughput of 231,890 tonnes at Tsumeb, in line with 2020 guidance; Strong cost performance at all operations – Cost of sales of $330.9 million, up $36.4 million from 2019 reflecting a full year of operation at Ada Tepe. Reported an all-in sustaining cost per ounce of gold(1) of $654, below the original 2020 guidance, and a cash cost per tonne of complex concentrate smelted(1) of $377, at the lower end of 2020 guidance; Strong cash flow generation – Generated $197.0 million in cash flow from operating activities and a record $211.4 million of free cash flow(1); Growing earnings – Reported record net earnings attributable to common shareholders from continuing operations of $199.1 million, reflecting strong gold production combined with higher gold prices. Reported record adjusted net earnings(1) of $193.4 million or $1.07 per share; Increased dividend by 50% – Quarterly dividend was increased to $0.03 per share in December 2020, reflecting strong free cash flow generation. 2020 declared dividends totalled $0.09 per share; Strengthened financial position – Ended the year with $149.5 million in cash, an investment portfolio of $106.6 million and no debt; and Optimized 2021 guidance and three-year outlook – Detailed 2021 guidance and updated three-year outlook highlight the Company’s strong gold production profile, attractive all-in sustaining costs, and sustaining capital expenditures that are trending lower. “In 2020, DPM’s continued strong operational performance delivered record gold production and generated $211 million of free cash flow. I am particularly proud of our accomplishments this year as we delivered exceptional results while adapting to the challenges of the COVID-19 pandemic and prio...