Business
Dundee Precious Metals Delivers Record Quarterly Free Cash Flow Generation; Announces 2023 Second Quarter Results
TORONTO, Aug. 01, 2023 (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, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the “Company”) announced its operating and financial results for the second quarter and six months ended June 30, 2023. Highlights(Unless otherwise stated, all monetary figures in this news release are expressed in U.S. dollars.) Strong metals production: Produced 76,306 ounces of gold and 7.9 million pounds of copper. All-in sustaining cost: Reported cost of sales per ounce of gold sold1 of $929 and an all-in sustaining cost per ounce of gold sold2 of $733. On track to achieve 2023 guidance: Both mining operations are on track to achieve their 2023 production and cost guidance, while Tsumeb is tracking toward the low end of its 2023 production guidance and the higher end of its cash cost per tonne guidance. Significant free cash flow: Generated $59.2 million of cash provided from operating activities and achieved record quarterly free cash flow of $70.5 million.2 Solid adjusted net earnings: Reported net earnings of $61.7 million ($0.33 per share) and adjusted net earnings2 of $62.2 million ($0.33 per share). Growing financial position: Ended the quarter with a strong balance sheet, including $542.0 million of cash, a $150.0 million undrawn revolving credit facility and no debt. Increasing return of capital to shareholders: Returned $48.9 million, or 36% of free cash flow, to shareholders during the first half of 2023 through dividends and share repurchases. Declared second quarter dividend of $0.04 per common share payable on October 16, 2023 to shareholders of record on September 30, 2023. Development projects: Continued to progress the updated feasibility study (“FS”) for Loma Larga in Ecuador, which is expected to be completed in the second half of 2023. Received technical approval for the environmental impact assessment (“EIA”) for a 69 kV power line and initiated the associated public consultation process. Strong results from exploration activities: Results from ongoing drilling activities at the Čoka Rakita exploration prospect in Serbia reported in July 2023 extended the deposit to the south and also confirmed and further extended the high-grade zone. With nine drill rigs currently active on-site and an additional 30,000 metres of drilling planned, DPM continues to target a maiden Mineral Resource estimate by year-end 2023. ____...