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, 2024.
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.)
-
Record free cash flow: Generated $82.4 million of
free cash flow1 from continuing operations and $125.8 million of
cash provided from operating activities from continuing
operations.
-
Record adjusted net earnings: Reported adjusted
net earnings2 from continuing operations of $70.9 million ($0.39
per share1) and net earnings from continuing operations of $70.9
million ($0.39 per share).
-
Continued capital discipline: Returned $32.5
million, or 23% of free cash flow, to shareholders during the first
half of 2024 through dividends paid and shares repurchased.
-
On track to meet 2024 guidance: With strong
production of 67,644 ounces of gold and 7.9 million pounds of
copper in the second quarter, and 130,371 ounces of gold and 14.6
million pounds of copper in the first half of 2024, DPM is
well-positioned to achieve its annual production guidance.
-
Generating robust margins: Reported all-in
sustaining cost per ounce of gold sold1 of $710, and cost of sales
per ounce of gold sold2 of $1,073. All-in sustaining cost per ounce
of gold sold for 2024 is expected to be well within the annual
guidance range.
-
Substantial liquidity position: Ended the quarter
with a strong balance sheet, including a total of $707.5 million of
cash from continuing and discontinued operations, a $150.0 million
undrawn revolving credit facility, and no debt.
-
Advancing growth pipeline: Initiated the Čoka
Rakita project pre-feasibility study ("PFS"), following positive
results of the preliminary economic assessment ("PEA") announced in
May 2024. Exploration activities to pursue additional targets on
the Čoka Rakita licence and three additional licences are
continuing.
-
Tsumeb smelter sale update: In July 2024, all
required Chinese regulatory approvals were received, with approval
under the Namibia Competition Act still required. Following the
smelter’s tolling agent electing to end its tolling agreement with
Tsumeb, DPM is currently in discussions with Sinomine Resource
Group Co Ltd (“Sinomine”) regarding amendments to the share
purchase agreement (“SPA”), including an expected reduction of the
cash consideration from $49.0 million to $20.0 million. The parties
are also in discussions on a proposed arrangement whereby DPM would
agree to step into the role of tolling agent for Tsumeb for a
period ending four months following closing of the sale, which is
expected in the third quarter of 2024.
______________________1 All-in sustaining cost
per ounce of gold sold, free cash flow, adjusted net earnings and
adjusted basic earnings per share are non-GAAP financial measures
or ratios. These measures have no standardized meanings under IFRS
Accounting Standards (“IFRS”) and may not be comparable to similar
measures presented by other companies. Refer to the “Non-GAAP
Financial Measures” section commencing on page 17 of this news
release for more information, including reconciliations to IFRS
measures.2 Cost of sales per ounce of gold sold represents total
cost of sales for Chelopech and Ada Tepe, divided by total payable
gold in concentrate sold, while all-in sustaining cost per ounce of
gold sold includes treatment and freight charges, net of by-product
credits, all of which are reflected in revenue.
CEO Commentary
“We generated record free cash flow of $82
million in the second quarter, reflecting our strong operating
results, excellent all-in sustaining cost performance and the
benefit of higher metal prices improving our already robust
margins,” said David Rae, President and Chief Executive
Officer.
“We continue to advance Čoka Rakita, our
high-grade, low-cost growth project in Serbia. The PFS is on track
for completion in Q1 2025, and permitting preparation activities
are underway to support commencement of construction in mid-2026.
We are also continuing our infill and scout drilling programs,
where results have continued to demonstrate the robust nature of
the deposit and significant exploration potential of Čoka Rakita
and the surrounding licences.
“DPM is in a unique position in the industry,
with a strong base of high-margin production driving significant
free cash flow generation, and the balance sheet strength to
internally fund our growth pipeline and exploration prospects while
continuing to return capital to shareholders.”
Use of non-GAAP Financial Measures
Certain financial measures referred to in this
news release are not measures recognized under IFRS and are
referred to as non-GAAP financial measures or ratios. These
measures have no standardized meanings under IFRS and may not be
comparable to similar measures presented by other companies. The
definitions established and calculations performed by DPM are based
on management’s reasonable judgment and are consistently applied.
These measures are intended to provide additional information and
should not be considered in isolation or as a substitute for
measures prepared in accordance with IFRS. Non-GAAP financial
measures and ratios, together with other financial measures
calculated in accordance with IFRS, are considered to be important
factors that assist investors in assessing the Company’s
performance.
The Company uses the following non-GAAP
financial measures and ratios in this news release:
- mine cash cost
- cash cost per tonne of ore
processed
- mine cash cost of sales
- cash cost per ounce of gold
sold
- all-in sustaining cost
- all-in sustaining cost per ounce of
gold sold
- smelter cash cost
- cash cost per tonne of complex
concentrate smelted
- adjusted earnings (loss) before
interest, taxes, depreciation and amortization (“adjusted
EBITDA”)
- adjusted net earnings (loss)
- adjusted basic earnings (loss) per
share
- cash provided from operating
activities, before changes in working capital
- free cash flow
- average realized metal prices
For a detailed description of each of the
non-GAAP financial measures and ratios used in this news release
and a detailed reconciliation to the most directly comparable
measure under IFRS, please refer to the “Non-GAAP Financial
Measures” section commencing on page 18 of this news release.
Key Operating and Financial Highlights
$ millions, except where noted |
|
Three Months |
|
Six Months |
|
2024 |
|
2023 |
Change |
|
2024 |
|
2023 |
Change |
Operating Highlights |
|
|
|
|
|
|
|
|
Ore Processed |
t |
755,543 |
|
740,936 |
2 |
% |
|
1,456,741 |
|
1,478,573 |
(1 |
%) |
Metals contained in
concentrate produced: |
|
|
|
|
|
|
|
|
Gold |
|
|
|
|
|
|
|
|
Chelopech |
oz |
43,734 |
|
44,463 |
(2 |
%) |
|
81,229 |
|
79,721 |
2 |
% |
Ada Tepe |
oz |
23,910 |
|
31,843 |
(25 |
%) |
|
49,142 |
|
65,166 |
(25 |
%) |
Total gold in concentrate produced |
oz |
67,644 |
|
76,306 |
(11 |
%) |
|
130,371 |
|
144,887 |
(10 |
%) |
Copper |
Klbs |
7,880 |
|
7,913 |
0 |
% |
|
14,572 |
|
15,090 |
(3 |
%) |
Payable metals in concentrate
sold: |
|
|
|
|
|
|
|
|
Gold |
|
|
|
|
|
|
|
|
Chelopech |
oz |
37,849 |
|
33,853 |
12 |
% |
|
67,417 |
|
64,926 |
4 |
% |
Ada Tepe |
oz |
22,974 |
|
31,212 |
(26 |
%) |
|
48,618 |
|
63,638 |
(24 |
%) |
Total payable gold in concentrate sold |
oz |
60,823 |
|
65,065 |
(7 |
%) |
|
116,035 |
|
128,564 |
(10 |
%) |
Copper |
Klbs |
6,469 |
|
6,585 |
(2 |
%) |
|
11,926 |
|
12,943 |
(8 |
%) |
Cost of sales per tonne of ore
processed(1): |
|
|
|
|
|
|
|
|
Chelopech |
$/t |
68 |
|
62 |
10 |
% |
|
68 |
|
63 |
8 |
% |
Ada Tepe |
$/t |
139 |
|
138 |
1 |
% |
|
143 |
|
138 |
4 |
% |
Cash cost per tonne of ore
processed(2): |
|
|
|
|
|
|
|
|
Chelopech |
$/t |
56 |
|
50 |
12 |
% |
|
55 |
|
51 |
8 |
% |
Ada Tepe |
$/t |
71 |
|
66 |
8 |
% |
|
68 |
|
66 |
3 |
% |
Cost of sales per ounce of
gold sold(3) |
$/oz |
1,073 |
|
929 |
16 |
% |
|
1,099 |
|
951 |
16 |
% |
All-in sustaining cost per
ounce of gold sold(2) |
$/oz |
710 |
|
733 |
(3 |
%) |
|
793 |
|
802 |
(1 |
%) |
Financial Highlights |
|
|
|
|
|
|
|
|
Revenue |
|
156.8 |
|
132.5 |
18 |
% |
|
280.6 |
|
258.9 |
8 |
% |
Cost of sales |
|
65.2 |
|
60.4 |
8 |
% |
|
127.5 |
|
122.3 |
4 |
% |
Earnings (loss) before income
taxes(4) |
|
71.8 |
|
69.2 |
4 |
% |
|
124.4 |
|
118.2 |
5 |
% |
From continuing operations |
|
80.2 |
|
57.1 |
40 |
% |
|
126.5 |
|
103.1 |
23 |
% |
From discontinued operations |
|
(8.4 |
) |
12.1 |
(170 |
%) |
|
(2.1 |
) |
15.1 |
(114 |
%) |
Net earnings (loss)(4) |
|
62.5 |
|
61.7 |
1 |
% |
|
108.2 |
|
108.3 |
0 |
% |
From continuing operations |
|
70.9 |
|
49.6 |
43 |
% |
|
110.3 |
|
93.2 |
18 |
% |
From discontinued operations |
|
(8.4 |
) |
12.1 |
(170 |
%) |
|
(2.1 |
) |
15.1 |
(114 |
%) |
Basic earnings (loss) per
share(4) |
$/sh |
0.34 |
|
0.32 |
6 |
% |
|
0.60 |
|
0.57 |
5 |
% |
From continuing operations |
$/sh |
0.39 |
|
0.26 |
50 |
% |
|
0.61 |
|
0.49 |
24 |
% |
From discontinued operations |
$/sh |
(0.05 |
) |
0.06 |
(183 |
%) |
|
(0.01 |
) |
0.08 |
(113 |
%) |
Adjusted EBITDA(2),(4) |
|
89.1 |
|
86.7 |
3 |
% |
|
155.0 |
|
155.1 |
0 |
% |
From continuing operations |
|
93.1 |
|
73.0 |
28 |
% |
|
147.6 |
|
136.7 |
8 |
% |
From discontinued operations |
|
(4.0 |
) |
13.7 |
(129 |
%) |
|
7.4 |
|
18.4 |
(60 |
%) |
Adjusted net earnings (loss)(2),(4) |
|
64.2 |
|
62.2 |
3 |
% |
|
105.6 |
|
108.3 |
(3 |
%) |
From continuing operations |
|
70.9 |
|
50.1 |
42 |
% |
|
103.4 |
|
93.2 |
11 |
% |
From discontinued operations |
|
(6.7 |
) |
12.1 |
(156 |
%) |
|
2.2 |
|
15.1 |
(85 |
%) |
Adjusted net earnings (loss)
per share(2),(4) |
$/sh |
0.35 |
|
0.33 |
6 |
% |
|
0.58 |
|
0.57 |
2 |
% |
From continuing operations |
$/sh |
0.39 |
|
0.27 |
44 |
% |
|
0.57 |
|
0.49 |
16 |
% |
From discontinued operations |
$/sh |
(0.04 |
) |
0.06 |
(167 |
%) |
|
0.01 |
|
0.08 |
(88 |
%) |
Cash provided from (used in)
operating activities(4) |
|
116.6 |
|
59.2 |
97 |
% |
|
170.1 |
|
130.1 |
31 |
% |
From continuing operations |
|
125.8 |
|
54.6 |
131 |
% |
|
161.6 |
|
120.3 |
34 |
% |
From discontinued operations |
|
(9.2 |
) |
4.6 |
(301 |
%) |
|
8.5 |
|
9.8 |
(13 |
%) |
Free cash flow(2),(4) |
|
73.9 |
|
70.4 |
5 |
% |
|
142.1 |
|
135.5 |
5 |
% |
From continuing operations |
|
82.4 |
|
66.4 |
24 |
% |
|
142.5 |
|
132.5 |
8 |
% |
From discontinued operations |
|
(8.5 |
) |
4.0 |
(310 |
%) |
|
(0.4 |
) |
3.0 |
(114 |
%) |
Capital expenditures incurred(5): |
|
|
|
|
|
|
|
|
Sustaining(6) |
|
7.9 |
|
6.1 |
29 |
% |
|
13.6 |
|
13.4 |
1 |
% |
Growth and other(7) |
|
3.6 |
|
6.9 |
(48 |
%) |
|
11.9 |
|
13.3 |
(10 |
%) |
Total capital expenditures |
|
11.5 |
|
13.0 |
(11 |
%) |
|
25.5 |
|
26.7 |
(4 |
%) |
1) Cost of sales per tonne of ore
processed represents cost of sales for Chelopech and Ada Tepe,
respectively, divided by tonnes of ore processed.2) Cash
cost per ounce of gold sold, cash cost per tonne of ore processed,
all-in sustaining cost per ounce of gold sold, cash cost per tonne
of complex concentrate smelted, adjusted EBITDA, adjusted net
earnings, adjusted basic earnings per share and free cash flow are
non-GAAP financial measures or ratios. Refer to the “Non-GAAP
Financial Measures” section commencing on page 18 of this news
release for more information, including reconciliations to IFRS
measures.3) Cost of sales per ounce of gold sold
represents total cost of sales for Chelopech and Ada Tepe, divided
by total payable gold in concentrate sold.4) These
measures include discontinued operations.5) Capital
expenditures incurred were reported on an accrual basis and do not
represent the cash outlays for the capital
expenditures.6) Sustaining capital expenditures are
generally defined as expenditures that support the ongoing
operation of the asset or business without any associated increase
in capacity, life of assets or future earnings. This measure is
used by management and investors to assess the extent of
non-discretionary capital spending being incurred by the Company
each period.7) Growth capital expenditures are generally
defined as capital expenditures that expand existing capacity,
increase life of assets and/or increase future earnings. This
measure is used by management and investors to assess the extent of
discretionary capital spending being undertaken by the Company each
period.
Performance Highlights
A table comparing production, sales and cash
cost measures by asset for the second quarter and six months ended
June 30, 2024 against 2024 guidance is located on page 13 of this
news release.
In the second quarter of 2024, the Company’s
mining operations continued to deliver strong results. Gold
production at Chelopech and Ada Tepe was in line with expectations,
with higher copper grades expected at Chelopech over the balance of
the year. Both mines remain on track to achieve their 2024
production and cost guidance.
Highlights include the following:
Chelopech, Bulgaria: Gold
contained in concentrate produced in the second quarter and first
half of 2024 of 43,734 ounces and 81,229 ounces, respectively, was
comparable to the corresponding periods in 2023 due primarily to
lower gold grades, largely offset by higher gold recoveries. Copper
production in the second quarter and first half of 2024 of 7.9
million pounds and 14.6 million pounds, respectively, were
comparable to the corresponding periods in 2023, due primarily to
lower copper grades, largely offset by higher copper
recoveries.
All-in sustaining cost per ounce of gold sold in
the second quarter of 2024 was $531 compared to $776 in the
corresponding period in 2023 due primarily to higher by-product
credits reflecting higher realized copper prices, lower treatment
charges, higher volumes of gold sold and lower prices for power,
partially offset by higher labour costs, higher freight charges and
the timing of maintenance activities, as well as lower cash outlays
for sustaining capital expenditures.
All-in sustaining cost per ounce of gold sold in
the first half of 2024 was $670 compared to $851 in the
corresponding period in 2023 due primarily to lower treatment
charges as a result of DPM having secured more favourable
commercial terms for the year under the current tight market for
copper concentrates, higher volumes of gold sold and lower prices
for power, partially offset by higher labour costs and higher
freight charges as a result of the disruptions in key sea routes
due to the Middle East conflicts, as well as lower cash outlays for
sustaining capital expenditures.
Ada Tepe, Bulgaria: Gold
contained in concentrate produced in the second quarter and first
half of 2024 of 23,910 ounces and 49,142 ounces, respectively, was
in each case 25% lower than the corresponding periods in 2023 due
primarily to mining lower-grade zones, in line with the mine
plan.
All-in sustaining cost per ounce of gold sold in
the second quarter and first half of 2024 of $699 and $638,
respectively, was 32% and 26% higher than the corresponding periods
in 2023 due primarily to lower volumes of gold sold.
Consolidated Operating Highlights
Production: Gold contained in
concentrate produced in the second quarter and first half of 2024
of 67,644 ounces and 130,371 ounces, respectively, was 11% and 10%
lower than the corresponding periods in 2023 due primarily to
mining in lower grade zones at Ada Tepe and Chelopech, partially
offset by higher gold recoveries at Chelopech, in line with the
mine plans for both operations.
Copper production in the second quarter and
first half of 2024 of 7.9 million pounds and 14.6 million pounds,
respectively, were comparable to the corresponding periods in 2023,
due primarily to lower copper grades, largely offset by higher
copper recoveries.
Deliveries: Payable gold in
concentrate sold in the second quarter and first half of 2024 of
60,823 ounces and 116,035 ounces, respectively, was 7% and 10%
lower than the corresponding periods in 2023 primarily reflecting
lower gold production, partially offset by the timing of
deliveries.
Payable copper in concentrate sold in the second
quarter of 2024 of 6.5 million pounds was comparable to the
corresponding period in 2023, consistent with copper production.
Payable copper in the first half of 2024 of 11.9 million pounds was
8% lower than the corresponding period in 2023, due primarily to
the timing of deliveries and lower copper production in the first
quarter of 2024.
Cost measures: Cost of sales in
the second quarter and first half of 2024 of $65.2 million and
$127.5 million, respectively, increased compared to $60.4 million
and $122.3 million in the corresponding periods in 2023 due
primarily to higher depreciation expenses, higher labour costs and
the timing of maintenance activities, partially offset by lower
prices for power.
All-in sustaining cost per ounce of gold sold in
the second quarter of 2024 of $710 was 3% lower than the
corresponding period in 2023 due primarily to higher by-product
credits as a result of higher realized copper prices, lower
treatment charges at Chelopech and lower cash outlays for
sustaining capital expenditures, partially offset by lower volumes
of gold sold, higher share-based compensation expenses reflecting
DPM’s strong share price performance, higher labour costs, higher
freight charges and the timing of maintenance activities.
All-in sustaining cost per ounce of gold sold in
the first half of 2024 of $793 was comparable to the corresponding
period in 2023 due primarily to lower treatment charges at
Chelopech, lower cash outlays for sustaining capital expenditures
and lower prices for power, largely offset by lower volumes of gold
sold, higher freight charges, higher labour costs and the timing of
maintenance activities.
Capital expenditures: Capital
expenditures incurred in the second quarter and first half of 2024
were $11.5 million and $25.5 million, respectively, compared to the
corresponding periods in 2023 of $13.0 million and $26.7
million.
Sustaining capital expenditures incurred in the
second quarter and first half of 2024 were $7.9 million and $13.6
million, respectively, compared to the corresponding periods in
2023 of $6.1 million and $13.4 million, due primarily to the
timing of expenditures.
Growth and other capital expenditures incurred
during the second quarter and first half of 2024, primarily related
to the Loma Larga gold project, were $3.6 million and $11.9
million, respectively, compared to $6.9 million and $13.3 million
in the corresponding periods in 2023, due primarily to lower
expenditures related to the Loma Larga gold project as expected.
Growth and other capital expenditures in the first half of 2024
also included a $4.0 million expenditure for the electric mobile
equipment received in the first quarter of 2024 related to the
Company’s ESG initiatives.
Consolidated Financial Highlights
Financial results in the second quarter of 2024
reported record free cash flow generation, reflecting higher
realized metal prices combined with the Company’s strong all-in
sustaining cost performance, partially offset by lower volumes of
metals sold and higher planned exploration and evaluation
expenses.
Revenue: Revenue in the second
quarter of 2024 of $156.8 million was 18% higher than the
corresponding period in 2023, due primarily to higher realized
prices of metals sold, partially offset by lower volumes of gold
sold at Ada Tepe. Revenue in the first half of 2024 of $280.6
million was 8% higher than the corresponding period in 2023, due
primarily to higher realized prices of metals sold and lower
treatment charges at Chelopech, partially offset by lower volumes
of gold sold at Ada Tepe.
Net earnings:
Net earnings from continuing operations in the second quarter and
first half of 2024 of $70.9 million ($0.39 per share) and $110.3
million ($0.61 per share), respectively, increased compared to
$49.6 million ($0.26 per share) and $93.2 million ($0.49 per share)
in the corresponding periods in 2023 due primarily to higher
revenue and higher interest income, partially offset by higher
planned exploration and evaluation expenses and higher income
taxes.
Adjusted net earnings: Adjusted
net earnings from continuing operations in the second quarter and
first half of 2024 of $70.9 million ($0.39 per share) and $103.4
million ($0.57 per share), respectively, increased compared to
$50.1 million ($0.27 per share) and $93.2 million ($0.49 per share)
in the corresponding periods in 2023 due primarily to the same
factors affecting net earnings, with the exception of adjusting
items primarily related to the net termination fee received from
Osino Resources Corp. (“Osino”).
Earnings before income taxes:
Earnings before income taxes from continuing operations in the
second quarter and first half of 2024 of $80.2 million and $126.5
million, respectively, increased compared to $57.1 million and
$103.1 million in the corresponding periods in 2023, reflecting the
same factors that affected net earnings from continuing operations,
except for income taxes, which are excluded.
Adjusted EBITDA: Adjusted
EBITDA from continuing operations in the second quarter and first
half of 2024 was $93.1 million and $147.6 million, respectively,
compared to $73.0 million and $136.7 million in the corresponding
periods in 2023, reflecting the same factors that affected adjusted
net earnings, except for interest, income taxes, depreciation and
amortization, which are excluded from adjusted EBITDA.
Cash provided from operating
activities: Cash provided from operating activities of
continuing operations in the second quarter and first half of 2024
of $125.8 million and $161.6 million, respectively, was $71.2
million and $41.3 million higher than the corresponding periods in
2023 due primarily to higher adjusted EBITDA from continuing
operations generated in the periods, as well as the timing of
deliveries and subsequent receipt of cash combined with the timing
of payments to suppliers.
Free cash flow: Free cash flow
from continuing operations in the second quarter and first half of
2024 of $82.4 million and $142.5 million, respectively, was $16.0
million and $10.0 million higher than the corresponding periods in
2023 due primarily to higher adjusted EBITDA from continuing
operations generated in the periods and lower cash outlays for
sustaining capital expenditures. Free cash flow is calculated
before changes in working capital.
Tsumeb Smelter Sale Update
On March 7, 2024, DPM announced that it had
entered into a definitive SPA with a subsidiary of Sinomine for the
sale of its 98% interest in the Tsumeb smelter for a cash
consideration of $49.0 million, on a debt-free and cash-free basis,
subject to normal working capital adjustments following closing
(the “Tsumeb Disposition”). In addition, pursuant to the SPA, DPM
is entitled to be paid all cash collected from IXM S.A. (“IXM”)
with respect to the outstanding metal recoverable at Tsumeb,
estimated to be $14.1 million as at June 30, 2024. The Tsumeb
Disposition is subject to customary closing conditions, including
approval under the Namibia Competition Act and approvals required
from Chinese regulatory authorities for overseas investments. In
July 2024, all Chinese regulatory approvals were received. The
transaction is expected to close in the third quarter of 2024.
As a result of Tsumeb's pending change of
control, IXM elected to terminate the existing tolling agreement it
had with Tsumeb (the "IXM Tolling Agreement"). Under the IXM
Tolling Agreement, the cash value of all unprocessed concentrates
and secondary materials became due and payable on July 31, 2024,
however, both IXM and the Company have agreed to extend this period
to August 9, 2024 in the interim, with a final settlement expected
on August 29, 2024 (the “IXM Extension Date”). On the IXM Extension
Date, Tsumeb will be required to purchase all unprocessed
concentrates and secondary materials owed by Tsumeb to IXM
estimated to be approximately $80 million, which amount could vary
depending on, among other things, volumes of inventory, payable
metals contained in the inventory and market metal prices at the
time of the purchase. In addition, IXM is required to pay Tsumeb in
cash for the estimated metal recoverable.
DPM and Sinomine are currently discussing
amendments to the SPA whereby the consent of IXM for the change of
control of Tsumeb will be removed from the closing conditions of
the transaction and the cash consideration payable for the sale of
the Tsumeb Smelter to Sinomine is expected to be reduced from $49.0
million to $20.0 million. In addition, the parties are discussing a
proposed arrangement pursuant to which DPM would agree to step into
IXM's position as a tolling agent and enter into a new tolling
agreement with Tsumeb (the "DPM Tolling Agreement") on
substantially the same commercial terms as the IXM Tolling
Agreement, for a period starting from the IXM Extension Date and
ending four months following closing of the sale (the “Financing
Period”). It is proposed that on the IXM Extension Date, DPM would
purchase the above estimated $80 million of inventory from Tsumeb
and during the Financing Period, DPM would purchase new-metal
bearing materials and sell the copper blister produced by Tsumeb
until the end of the DPM Tolling Agreement, at which time Sinomine
would pay DPM for all inventories owed by the smelter to DPM.
Discussions are ongoing between the parties with respect to the
foregoing proposed arrangements which will be subject to definitive
documentation.
As a result, the assets and liabilities of
Tsumeb have been presented as held for sale in the consolidated
statement of financial position as at June 30, 2024 and December
31, 2023, and the operating results and cash flows of Tsumeb have
been presented as discontinued operations in the condensed interim
consolidated statements of earnings (loss) and cash flows for the
three and six months ended June 30, 2024 and 2023. As a
consequence, certain comparative figures in the condensed interim
consolidated statements of earnings (loss) and cash flows have been
reclassified to conform with current year presentation.
Complex concentrate smelted in the second
quarter and first half of 2024 of 52,858 tonnes and 107,631 tonnes,
respectively, was 3,375 tonnes and 8,501 tonnes higher than the
corresponding periods in 2023 due primarily to increased plant
availability following the completion of the maintenance work in
the third quarter of 2023.
Cash cost per tonne of complex concentrate
smelted in the second quarter of 2024 of $375 was $32 higher than
the corresponding period in 2023 due primarily to higher operating
expenses reflecting higher labour costs, direct materials and
transportation, partially offset by higher volumes of complex
concentrate smelted reflecting improved operating performance
following the Ausmelt furnace maintenance shutdown and higher
sulphuric acid by-product credits. Cash cost per tonne of complex
concentrate smelted in the first half of 2024 of $352 was $16 lower
than the corresponding period in 2023 due primarily to higher
volumes of complex concentrate smelted and higher sulphuric acid
by-product credits, partially offset by higher operating
expenses.
Balance Sheet Strength and Financial
Flexibility
The Company continues to maintain a strong
financial position, with a growing cash position, no debt and an
undrawn $150 million revolving credit facility.
Cash and cash equivalents of continuing
operations increased by $106.4 million to $701.7 million in the
first half of 2024 due primarily to earnings generated during the
period. Cash and cash equivalents of discontinued operations
increased by $4.0 million to $5.8 million in the first half of 2024
due primarily to a $9.0 million cash settlement with IXM on the
estimated metal recoverable, partially offset by the loss generated
in the period.
Return of Capital to Shareholders
In line with its disciplined capital allocation
framework, DPM continues to return excess capital to shareholders,
which currently includes a sustainable quarterly dividend and
periodic share repurchases under its Normal Course Issuer Bid
("NCIB").
During the first half of 2024, the Company
returned a total of $32.5 million to shareholders through dividends
paid of $14.5 million, as well as payments for shares repurchased
of $18.0 million following the renewal of the NCIB in late
March.
Share Repurchases
The Company renewed its NCIB effective
March 18, 2024, pursuant to which the Company is able to
purchase up to 15,500,000 common shares representing approximately
9.8% of the public float as at March 6, 2024, over a period of
twelve months commencing March 18, 2024 and terminating on
March 17, 2025.
During the six months ended June 30, 2024, the
Company purchased a total of 2,327,011 shares with a total cost of
$18.4 million at an average price per share of $7.90
(Cdn$10.80).
The actual timing and number of common shares
that may be purchased under the NCIB will be undertaken in
accordance with DPM’s capital allocation framework, having regard
for such things as DPM’s financial position, business outlook and
ongoing capital requirements, as well as its share price and
overall market conditions. The Company continually reviews its
capital allocation strategy of balancing between the capital
required for its growth projects and return of capital to
shareholders.
Quarterly Dividend
On August 1, 2024, the Company declared a
dividend of $0.04 per common share payable on October 15, 2024
to shareholders of record on September 30, 2024.
Development Projects Update
Čoka Rakita, Serbia
DPM continues to focus on advancing the
high-quality Čoka Rakita project, which has rapidly progressed
since the announcement of the initial discovery in January 2023. On
May 1, 2024, DPM announced the positive results of the PEA, which
outlined a highly-attractive organic growth project with robust
economics, meaningful production and attractive costs. Based on the
positive PEA results, DPM will continue to advance the project. A
PFS was initiated in April, and is expected to be completed by the
first quarter of 2025.
Permitting preparation activities are underway
with a detailed timeline to support commencement of construction in
mid-2026, with good support and engagement from key regional and
national authorities. The Company initiated preparations related to
the environmental impact assessment (“EIA”), including monitoring
for baseline studies for surface water, ground water, air quality
and biodiversity, and plans to initiate soil monitoring and a
social study. The EIA is expected to be submitted in the first
quarter of 2026.
Čoka Rakita benefits from good infrastructure,
including existing nearby roads and power lines. The project is
located in close regional proximity to DPM's existing operations in
Bulgaria and is a strong fit with the Company's underground mining
and processing expertise.
Loma Larga, Ecuador
At the Loma Larga gold project in Ecuador, the
Company continued to progress activities related to permitting and
stakeholder relations. The Company continues to support the
government in fulfilling the requirements of the August 2023 ruling
by the Provincial Court of Azuay in connection with the
Constitutional Protective Action that was filed in 2022.
In line with this ruling, the Government of
Ecuador commenced the environmental consultation process for the
Loma Larga gold project in the first quarter of 2024. The
information phase of the environmental consultation process was
successfully completed in April 2024. While legislation
establishing the process for the free, prior and informed
consultation has not been finalized by Congress, the Ministry of
Energy and Mines ("Ministry") has outlined an interim procedure,
which will be used for the Loma Larga gold project, and DPM is
working with the Ministry to initiate this process. The baseline
ecosystem and water studies are currently in progress.
The Company maintains a constructive
relationship with government institutions and other stakeholders
involved with the development of the project.
Exploration
Čoka Rakita, Serbia
Exploration activities in Serbia continued to
focus on an accelerated drilling program at the Čoka Rakita
licence, including infill, geotechnical and hydro-geological
drilling, as well as scout drilling at the Rakita South, Dumitru
Potok and Frasen targets, with 43,390 metres completed during the
second quarter of 2024.
Results from the ongoing infill drilling program
at Čoka Rakita continue to confirm continuity of the mineralization
and to deliver high-grade intercepts, with 11,913 metres of
drilling completed during the quarter.
Scout drilling continued with 9,129 metres
completed during the quarter.
At the Dumitru Potok and Frasen exploration
targets, which are located to the north of Čoka Rakita, scout holes
have confirmed the conceptual targeting model, and have
consistently exhibited the presence of skarn alteration and
mineralization within more reactive lithological units.
On the Potaj Čuka and Pešter Jug exploration
licences, multiple targets have been defined and drilling has
commenced on the Potaj Čuka licence during the quarter. A drilling
campaign at the Umka exploration licence focused on testing for
manto-like copper-gold skarn targets commenced in April, completing
2,661 metres during the second quarter.
Tierras Coloradas, Ecuador
At the Tierras Coloradas licence, the drilling
campaign was completed in the second quarter with a total of 11,700
metres executed to date. The primary focus of the program, which
commenced in 2023, was to further assess the extension and geometry
of the Aparecida and La Tuna vein systems and to test other
additional porphyry and epithermal targets.
DPM will evaluate the results of the current
drilling campaign to determine the next stage of exploration. In
the interim, additional mapping and rock sampling aimed at
delineating additional drilling targets is ongoing.
Chelopech, Bulgaria
DPM continues to focus on extending Chelopech's
mine life through its successful in-mine exploration program and an
aggressive brownfield exploration program.
During the second quarter of 2024, brownfield
exploration activities at Chelopech were focused on evaluating the
current geological model and planning underground and surface
positions within the mine concession. A 25-metre by 25-metre
drilling grid was designed to evaluate the extensions of already
known mineralization, and to confirm several historical high-grade
intercepts at the Sharlo Dere prospect. Diamond core drilling
commenced in late May resulting in a total of 2,537 metres during
the quarter.
Based on internal technical reviews, DPM now
plans to defer the inclusion of the Sharlo Dere prospect within the
annual Mineral Resource and Mineral Reserve update for Chelopech.
The prospect will be reassessed subsequent to the current phase of
drilling.
The Company successfully completed the defence
of the Geological Report for the Brevene exploration licence at the
end of June 2024. DPM expects to obtain the Geological Discovery
certificate in the fourth quarter of 2024, which provides a
one-year extension of the exploration rights for the Brevene
licence to complete additional work aiming for Commercial
Discovery.
Ada Tepe, Bulgaria
During the second quarter of 2024, exploration
activities at the Ada Tepe camp were focused on target delineation
at the Krumovitsa exploration licence, including systematic
geological mapping, geophysical survey, stream sediments, soil and
rock sampling, scout drilling and 3D modelling and
interpretation.
Scout drilling at the Podrumche and Kandilka
prospects commenced at the end of March and is ongoing, with a
total of 3,117 meters of drilling completed to date. Permitting for
the next phase of drilling sites is in process and is expected to
be completed in the third quarter of 2024.
During the second quarter, soil and stream
sediments sampling campaigns were completed. The assay results
received from several streams in the southern-most area of the
Krumovitsa licence outlined distinctive anomalies in gold, reaching
up to 1.45 g/t. Results from the soil sampling program at the
Hrastovo prospect also contoured gold anomalies reaching up to 0.45
g/t.
On the Chiirite exploration licence, several
mapping routes accompanied by rock chip sampling were completed in
the northeastern area of the licence. A zone of hydrothermal
alteration was followed up for over 1 kilometre along strike where
grab samples returned up to 24 g/t Au. Permitting at the Kara Tepe
prospect is ongoing and drilling is planned to start in the third
quarter of 2024, focused on skarn/carbonate replacement gold
targets.
2024 Guidance and Three-year Outlook
With solid operating performance from the
Chelopech and Ada Tepe mines in the first half of 2024, DPM is on
track to meet its 2024 guidance for both mining operations,
including expected gold production of 245,000 to 285,000 ounces,
copper production of 29 to 34 million pounds, and an all-in
sustaining cost of $790 to $930 per ounce of gold sold.
For additional information regarding the
Company's detailed guidance for 2024 and current three-year
outlook, please refer to the “Three-Year Outlook” section of the
MD&A.
Selected Production, Delivery and Cost
Performance versus Guidance
|
|
Q2 2024 |
YTD June 2024 |
2024 Consolidated Guidance |
|
Chelopech |
Ada Tepe |
Tsumeb |
Consolidated |
Chelopech |
Ada Tepe |
Tsumeb |
Consolidated |
Ore processed |
Kt |
559.0 |
196.5 |
– |
755.5 |
1,080.1 |
376.6 |
– |
1,456.7 |
2,800 – 3,000 |
Metals contained in
concentrate produced |
|
|
|
|
|
|
|
|
|
|
Gold |
Koz |
43.7 |
23.9 |
– |
67.6 |
81.2 |
49.1 |
– |
130.3 |
245 – 285 |
Copper |
Mlbs |
7.9 |
– |
– |
7.9 |
14.6 |
– |
– |
14.6 |
29 – 34 |
Payable metals in concentrate
sold |
|
|
|
|
|
|
|
|
|
|
Gold |
Koz |
37.8 |
23.0 |
– |
60.8 |
67.4 |
48.6 |
– |
116.0 |
210 – 245 |
Copper |
Mlbs |
6.5 |
– |
– |
6.5 |
11.9 |
– |
– |
11.9 |
23 – 27 |
All-in sustaining cost per ounce of gold sold |
$/oz |
531 |
699 |
– |
710 |
670 |
638 |
– |
793 |
790 –930 |
Complex concentrate smelted(1) |
Kt |
– |
– |
52.9 |
52.9 |
– |
– |
107.6 |
107.6 |
200 – 230 |
Cash
cost per tonne of complex concentrate smelted(1) |
$/t |
– |
– |
375 |
375 |
– |
– |
352 |
352 |
310 – 360 |
1) Related to discontinued operations.
Second Quarter 2024 Results Conference
Call and Webcast
At 9 a.m. EDT on Friday, August 2, 2024,
DPM will host a conference call and audio webcast to discuss the
results, followed by a question-and-answer session. To participate
via conference call, register in advance at the link provided below
to receive the dial-in information as well as a unique PIN code to
access the call.
The call registration and webcast details are as
follows:
Conference call date and time |
Friday, August 2, 20249 a.m. EDT |
Call registration |
https://register.vevent.com/register/BI402a5a6075e34d7fb9d6c79f79329cd9 |
Webcast link |
https://edge.media-server.com/mmc/p/osjb3oe7 |
Replay |
Archive will be available on www.dundeeprecious.com |
This news release and DPM’s unaudited condensed
interim financial statements and MD&A for the three and six
months ended June 30, 2024 are posted on the Company’s website at
www.dundeeprecious.com and have been filed on SEDAR+ at
www.sedarplus.ca.
Qualified Person
The technical and scientific information in this
news release has been prepared in accordance with Canadian
regulatory requirements set out in National Instrument 43-101
Standards of Disclosure for Mineral Projects (“NI 43-101”) of the
Canadian Securities Administrators and the Canadian Institute of
Mining, Metallurgy and Petroleum Definition Standards for Mineral
Resources and Mineral Reserves, and has been reviewed and approved
by Ross Overall, B.Sc. (Applied Geology), Director, Corporate
Technical Services, of DPM, who is a Qualified Person as defined
under NI 43-101, and who is not independent of the Company.
About Dundee Precious
Metals
Dundee Precious Metals Inc. is a Canadian-based
international gold mining company with operations and projects
located in Bulgaria, Namibia, Serbia and Ecuador. The Company’s
purpose is to unlock resources and generate value to thrive and
grow together. This overall purpose is supported by a foundation of
core values, which guides how the Company conducts its business and
informs a set of complementary strategic pillars and objectives
related to ESG, innovation, optimizing our existing portfolio, and
growth. The Company’s resources are allocated in-line with its
strategy to ensure that DPM delivers value for all of its
stakeholders. DPM’s shares are traded on the Toronto Stock Exchange
(symbol: DPM).
For further information, please contact:
David RaePresident and Chief Executive OfficerTel:
(416) 365-5191drae@dundeeprecious.com |
Navin DyalChief Financial OfficerTel: (416)
365-5191navin.dyal@dundeeprecious.com |
Jennifer CameronDirector, Investor RelationsTel:
(416) 219-6177jcameron@dundeeprecious.com |
|
|
|
Cautionary Note Regarding Forward
Looking Statements
This news release contains “forward looking
statements” or “forward looking information” (collectively,
“Forward Looking Statements”) that involve a number of risks and
uncertainties. Forward Looking Statements are statements that are
not historical facts and are generally, but not always, identified
by the use of forward looking terminology such as “plans”,
“expects”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “guidance”, “outlook”, “intends”, “anticipates”,
“believes”, or variations of such words and phrases or that state
that certain actions, events or results “may”, “could”, “would”,
“might” or “will” be taken, occur or be achieved, or the negative
of any of these terms or similar expressions. The Forward Looking
Statements in this news release relate to, among other things:
forecasted results of production in 2024 and the ability of the
Company to meet previously provided guidance in respect thereof;
the completion of the Tsumeb Disposition and the anticipated timing
thereof, including the negotiation and entering into of
arrangements necessary to complete the transaction as result of the
termination of the IXM Tolling Agreement, and the receipt of all
necessary approvals in connection therewith; payments of dividends
and repurchases of shares pursuant to NCIB, including the number of
shares that may be repurchased thereunder; expected cash flows; the
price of gold, copper, silver and sulphuric acid; estimated capital
costs, all-in sustaining costs, operating costs and other financial
metrics, including those set out in the outlook and guidance
provided by the Company; currency fluctuations; results of economic
studies; the intention to complete the PFS in respect of the Čoka
Rakita project and the anticipated timing thereof; anticipated
steps in the continued development of the Čoka Rakita project,
including exploration, permitting activities, and environmental
assessments, the timing for completion and anticipated results
thereof; the development of the Loma Larga gold project, including
the timing for completion and possible outcome of the environmental
consultation process in respect thereof; potential legislative
initiatives and changes that may affect the Company’s operating and
development projects; exploration activities at the Company’s
operating and development properties and the anticipated results
thereof; permitting requirements, the ability of the Company to
obtain such permits, and the anticipated timing thereof; and
statements under the heading “2024 Guidance and Three-year
Outlook”.
Forward Looking Statements are based on certain
key assumptions and the opinions and estimates of management and
Qualified Person (in the case of technical and scientific
information), as of the date such statements are made, and they
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any other future
results, performance or achievements expressed or implied by the
Forward Looking Statements. In addition to factors already
discussed in this news release, such factors include, among others:
fluctuations in metal and sulphuric acid prices, toll rates and
foreign exchange rates; risks arising from the current inflationary
environment and the impact on operating costs and other financial
metrics, including risks of recession; the commencement,
continuation or escalation of geopolitical and/or intrastate
conflicts and crises, including without limitation, in Ukraine, the
Middle East, Ecuador, and other jurisdictions from time to time,
and their direct and indirect effects on the operations of DPM;
risks arising from counterparties being unable to or unwilling to
fulfill their contractual obligations to the Company; the
speculative nature of mineral exploration, development and
production, including changes in mineral production performance,
exploitation and exploration results; the Company’s dependence on
its operations at the Chelopech mine and Ada Tepe mine; possible
inaccurate estimates relating to future production, operating costs
and other costs for operations; possible variations in ore grade
and recovery rates; inherent uncertainties in respect of
conclusions of economic evaluations, economic studies and mine
plans; uncertainties with respect to the timing of the PFS and the
EIA; the Company’s dependence on continually developing, replacing
and expanding its mineral reserves; the ability of the Company to
complete the proposed Tsumeb Disposition, including there being no
assurance that the parties will successfully negotiate and enter
into definitive arrangements necessary to complete the transaction
as a result of the termination of the IXM Tolling Agreement, and
the ability of the parties to obtain all necessary regulatory
approvals, certain of which may be outside of the control of DPM,
and the anticipated timing thereof; uncertainties and risks
inherent to developing and commissioning new mines into production,
which may be subject to unforeseen delays; risks related to the
possibility that future exploration results will not be consistent
with the Company’s expectations, that quantities or grades of
reserves will be diminished, and that resources may not be
converted to reserves; risks associated with the fact that certain
of the Company's initiatives are still in the early stages and may
not materialize; changes in project parameters, including schedule
and budget, as plans continue to be refined; risks related to the
financial results of operations, changes in interest rates, and the
Company's ability to finance its operations; the impact of global
liquidity and credit availability on the timing of cash flows and
the values of assets and liabilities based on projected future cash
flows; uncertainties inherent with conducting business in foreign
jurisdictions where corruption, civil unrest, political instability
and uncertainties with the rule of law may impact the Company’s
activities; accidents, labour disputes and other risks inherent to
the mining industry; failure to achieve certain cost savings or the
potential benefits of any upgrades and/or expansion; risks related
to the Company's ability to manage environmental and social
matters, including risks and obligations related to closure of the
Company's mining properties; risks related to climate change,
including extreme weather events, resource shortages, emerging
policies and increased regulations relating to related to
greenhouse gas emission levels, energy efficiency and reporting of
risks; land reclamation and mine closure requirements, and costs
associated therewith; the Company's controls over financial
reporting and obligations as a public company; delays in obtaining
governmental approvals or financing or in the completion of
development or construction activities; opposition by social and
non-governmental organizations to mining projects and smelting
operations; uncertainties with respect to realizing the anticipated
benefits from the development of the Loma Larga or Čoka Rakita
projects; cyber-attacks and other cybersecurity risks; competition
in the mining industry; exercising judgment when undertaking
impairment assessments; claims or litigation; limitations on
insurance coverage; changes in values of the Company's investment
portfolio; changes in laws and regulations, including with respect
to taxes, and the Company's ability to successfully obtain all
necessary permits and other approvals required to conduct its
operations; employee relations, including unionized and non-union
employees, and the Company's ability to retain key personnel and
attract other highly skilled employees; effects of changing tax
laws in several jurisdictions; ability to successfully integrate
acquisitions or complete divestitures; unanticipated title
disputes; volatility in the price of the common shares of the
Company; potential dilution to the common shares of the Company;
damage to the Company’s reputation due to the actual or perceived
occurrence of any number of events, including negative publicity
with respect to the Company’s handling of environmental matters or
dealings with community groups, whether true or not; risks related
to holding assets in foreign jurisdictions; conflicts of interest
between the Company and its directors and officers; the timing and
amounts of dividends; there being no assurance that the Company
will purchase additional common shares of the Company under the
NCIB as well as those risk factors discussed or referred to in the
Company’s annual MD&A and annual information form for the year
ended December 31, 2023, the MD&A, and other documents filed
from time to time with the securities regulatory authorities in all
provinces and territories of Canada and available on SEDAR+ at
www.sedarplus.ca.
The reader has been cautioned that the foregoing
list is not exhaustive of all factors and assumptions which may
have been used. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in Forward
Looking Statements, there may be other factors that cause actions,
events or results not to be anticipated, estimated or intended.
There can be no assurance that Forward Looking Statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. The
Company’s Forward Looking Statements reflect current expectations
regarding future events and speak only as of the date hereof. Other
than as it may be required by law, the Company undertakes no
obligation to update Forward Looking Statements if circumstances or
management’s estimates or opinions should change. Accordingly,
readers are cautioned not to place undue reliance on Forward
Looking Statements.
Non-GAAP Financial Measures
Certain financial measures referred to in this
news release are not measures recognized under IFRS and are
referred to as non-GAAP financial measures or ratios. These
measures have no standardized meanings under IFRS and may not be
comparable to similar measures presented by other companies. The
definitions established and calculations performed by DPM are based
on management’s reasonable judgment and are consistently applied.
These measures are used by management and investors to assist with
assessing the Company’s performance, including its ability to
generate sufficient cash flow to meet its return objectives and
support its investing activities and debt service obligations. In
addition, the Human Capital and Compensation Committee of the Board
of Directors uses certain of these measures, together with other
measures, to set incentive compensation goals and assess
performance. These measures are intended to provide additional
information and should not be considered in isolation or as a
substitute for measures prepared in accordance with IFRS. Non-GAAP
financial measures and ratios, together with other financial
measures calculated in accordance with IFRS, are considered to be
important factors that assist investors in assessing the Company’s
performance.
Cash Cost and All-in Sustaining Cost
Measures
Mine cash cost; smelter cash cost; mine cash
cost of sales; and all-in sustaining cost are non-GAAP financial
measures. Cash cost per tonne of ore processed; cash cost per ounce
of gold sold; all-in sustaining cost per ounce of gold sold; and
cash cost per tonne of complex concentrate smelted are non-GAAP
ratios. These measures capture the important components of the
Company’s production and related costs. Management and investors
utilize these metrics as an important tool to monitor cost
performance at the Company’s operations. In addition, the Human
Capital and Compensation Committee of the Board of Directors uses
certain of these measures, together with other measures, to set
incentive compensation goals and assess performance.
The following tables provide a reconciliation of
the Company’s cash cost per tonne of ore processed to its cost of
sales:
$ thousands |
|
Three Months |
|
Six Months |
unless otherwise indicated |
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
Chelopech |
Ore processed |
t |
559,026 |
|
550,888 |
|
|
1,080,150 |
|
1,097,018 |
|
Cost of sales |
|
37,950 |
|
34,192 |
|
|
73,743 |
|
69,504 |
|
Add/(deduct): |
|
|
|
|
|
|
Depreciation and amortization |
|
(7,962 |
) |
(6,655 |
) |
|
(15,654 |
) |
(13,268 |
) |
Change in concentrate inventory |
|
1,119 |
|
55 |
|
|
1,510 |
|
(716 |
) |
Mine cash cost(1) |
|
31,107 |
|
27,592 |
|
|
59,599 |
|
55,520 |
|
Cost of sales per tonne of ore processed(2) |
$/t |
68 |
|
62 |
|
|
68 |
|
63 |
|
Cash
cost per tonne of ore processed(2) |
$/t |
56 |
|
50 |
|
|
55 |
|
51 |
|
|
|
|
|
|
|
|
Ada
Tepe |
Ore processed |
t |
196,517 |
|
190,048 |
|
|
376,591 |
|
381,555 |
|
Cost of sales |
|
27,286 |
|
26,243 |
|
|
53,722 |
|
52,801 |
|
Add/(deduct): |
|
|
|
|
|
|
Depreciation and amortization |
|
(13,596 |
) |
(13,648 |
) |
|
(28,051 |
) |
(27,540 |
) |
Change in concentrate inventory |
|
284 |
|
(19 |
) |
|
(4 |
) |
(99 |
) |
Mine cash cost(1) |
|
13,974 |
|
12,576 |
|
|
25,667 |
|
25,162 |
|
Cost of sales per tonne of ore processed(2) |
$/t |
139 |
|
138 |
|
|
143 |
|
138 |
|
Cash
cost per tonne of ore processed(2) |
$/t |
71 |
|
66 |
|
|
68 |
|
66 |
|
1) Cash costs are reported in U.S.
dollars, although the majority of costs incurred are denominated in
non-U.S. dollars, and consist of all production related expenses
including mining, processing, services, royalties and general and
administrative.2) Represents cost of sales and mine cash
cost, respectively, divided by tonnes of ore processed.
The following table provides, for the periods
indicated, a reconciliation of the Company’s cash cost per ounce of
gold sold and all-in sustaining cost per ounce of gold sold to its
cost of sales:
$ thousands, unless otherwise indicatedFor the three months
ended June 30, 2024 |
|
Chelopech |
|
Ada Tepe |
|
Total |
|
Cost of sales(1) |
|
37,950 |
|
27,286 |
|
65,236 |
|
Add/(deduct): |
|
|
|
|
Depreciation and amortization |
|
(7,962 |
) |
(13,596 |
) |
(21,558 |
) |
Treatment charges, transportation and other related selling
costs(2) |
|
17,904 |
|
272 |
|
18,176 |
|
By-product credits(3) |
|
(30,574 |
) |
(305 |
) |
(30,879 |
) |
Mine cash cost of sales |
|
17,318 |
|
13,657 |
|
30,975 |
|
Rehabilitation related
accretion and depreciation expenses(4) |
|
65 |
|
319 |
|
384 |
|
Allocated general and
administrative expenses(5) |
|
- |
|
- |
|
7,060 |
|
Cash outlays for sustaining
capital expenditures(6) |
|
2,559 |
|
1,920 |
|
4,479 |
|
Cash
outlays for leases(6) |
|
143 |
|
170 |
|
313 |
|
All-in sustaining cost |
|
20,085 |
|
16,066 |
|
43,211 |
|
Payable gold in concentrate sold(7) |
oz |
37,849 |
|
22,974 |
|
60,823 |
|
Cost of sales per ounce of
gold sold(8) |
$/oz |
1,003 |
|
1,188 |
|
1,073 |
|
Cash cost per ounce of gold
sold(8) |
$/oz |
458 |
|
594 |
|
509 |
|
All-in
sustaining cost per ounce of gold sold(8) |
$/oz |
531 |
|
699 |
|
710 |
|
$ thousands, unless otherwise indicatedFor the three months ended
June 30, 2023 |
|
Chelopech |
|
Ada Tepe |
|
Total |
|
Cost of sales(1) |
|
34,192 |
|
26,243 |
|
60,435 |
|
Add/(deduct): |
|
|
|
|
Depreciation and amortization |
|
(6,655 |
) |
(13,648 |
) |
(20,303 |
) |
Treatment charges, transportation and other related selling
costs(2) |
|
19,649 |
|
1,490 |
|
21,139 |
|
By-product credits(3) |
|
(25,754 |
) |
(306 |
) |
(26,060 |
) |
Mine cash cost of sales |
|
21,432 |
|
13,779 |
|
35,211 |
|
Rehabilitation related
accretion expenses(4) |
|
315 |
|
293 |
|
608 |
|
Allocated general and
administrative expenses(5) |
|
- |
|
- |
|
4,890 |
|
Cash outlays for sustaining
capital expenditures(6) |
|
4,251 |
|
2,210 |
|
6,461 |
|
Cash
outlays for leases(6) |
|
282 |
|
267 |
|
549 |
|
All-in sustaining cost |
|
26,280 |
|
16,549 |
|
47,719 |
|
Payable gold in concentrate sold(7) |
oz |
33,853 |
|
31,212 |
|
65,065 |
|
Cost of sales per ounce of
gold sold(8) |
$/oz |
1,010 |
|
841 |
|
929 |
|
Cash cost per ounce of gold
sold(8) |
$/oz |
633 |
|
441 |
|
541 |
|
All-in
sustaining cost per ounce of gold sold(8) |
$/oz |
776 |
|
530 |
|
733 |
|
1) Included in cost of sales were
share-based compensation expense of $0.4 million (2023 – $0.1
million) in the second quarter of 2024.2) Represent
revenue deductions for treatment charges, refining charges,
penalties, freight and final settlements to adjust for any
differences relative to the provisional invoice.
3) Represent copper and silver
revenue.4) Included in cost of sales and finance cost in
the condensed interim consolidated statements of earnings
(loss).5) Represent an allocated portion of DPM’s
general and administrative expenses, including a share-based
compensation expense of $2.4 million (2023 –reversal of $0.3
million) for the second quarter of 2024, based on Chelopech’s and
Ada Tepe’s proportion of total revenue, including revenue from
discontinued operations. Allocated general and administrative
expenses are reflected in consolidated all-in sustaining cost per
ounce of gold sold and are not reflected in the cost measures for
Chelopech and Ada Tepe. 6) Included in cash used in
investing activities and financing activities, respectively, in the
condensed interim consolidated statements of cash
flows.7) Includes payable gold in pyrite concentrate
sold in the second quarter of 2024 of 10,052 ounces (2023 – 8,454
ounces).8) Represents cost of sales, mine cash cost of
sales and all-in sustaining cost, respectively, divided by payable
gold in concentrate sold.
$ thousands, unless otherwise indicatedFor the six months
ended June 30, 2024 |
|
Chelopech |
|
Ada Tepe |
|
Total |
|
Cost of sales(1) |
|
73,743 |
|
53,722 |
|
127,465 |
|
Add/(deduct): |
|
|
|
|
Depreciation and amortization |
|
(15,654 |
) |
(28,051 |
) |
(43,705 |
) |
Treatment charges, transportation and other related selling
costs(2) |
|
33,360 |
|
961 |
|
34,321 |
|
By-product credits(3) |
|
(52,774 |
) |
(583 |
) |
(53,357 |
) |
Mine cash cost of sales |
|
38,675 |
|
26,049 |
|
64,724 |
|
Rehabilitation related
accretion and depreciation expenses(4) |
|
149 |
|
673 |
|
822 |
|
Allocated general and
administrative expenses(5) |
|
- |
|
- |
|
15,764 |
|
Cash outlays for sustaining
capital expenditures(6) |
|
6,024 |
|
3,967 |
|
9,991 |
|
Cash
outlays for leases(6) |
|
340 |
|
338 |
|
678 |
|
All-in sustaining cost |
|
45,188 |
|
31,027 |
|
91,979 |
|
Payable gold in concentrate sold(7) |
oz |
67,417 |
|
48,618 |
|
116,035 |
|
Cost of sales per ounce of
gold sold(8) |
$/oz |
1,094 |
|
1,105 |
|
1,099 |
|
Cash cost per ounce of gold
sold(8) |
$/oz |
574 |
|
536 |
|
558 |
|
All-in
sustaining cost per ounce of gold sold(8) |
$/oz |
670 |
|
638 |
|
793 |
|
$ thousands, unless otherwise indicatedFor the six months ended
June 30, 2023 |
|
Chelopech |
|
Ada Tepe |
|
Total |
|
Cost of sales(1) |
|
69,504 |
|
52,801 |
|
122,305 |
|
Add/(deduct): |
|
|
|
|
Depreciation and amortization |
|
(13,268 |
) |
(27,540 |
) |
(40,808 |
) |
Treatment charges, transportation and other related selling
costs(2) |
|
40,925 |
|
2,566 |
|
43,491 |
|
By-product credits(3) |
|
(52,350 |
) |
(628 |
) |
(52,978 |
) |
Mine cash cost of sales |
|
44,811 |
|
27,199 |
|
72,010 |
|
Rehabilitation related
accretion expenses(4) |
|
620 |
|
597 |
|
1,217 |
|
Allocated general and
administrative expenses(5) |
|
- |
|
- |
|
15,560 |
|
Cash outlays for sustaining
capital expenditures(6) |
|
9,243 |
|
3,966 |
|
13,209 |
|
Cash
outlays for leases(6) |
|
555 |
|
556 |
|
1,111 |
|
All-in sustaining cost |
|
55,229 |
|
32,318 |
|
103,107 |
|
Payable gold in concentrate sold(7) |
oz |
64,926 |
|
63,638 |
|
128,564 |
|
Cost of sales per ounce of
gold sold(8) |
$/oz |
1,071 |
|
830 |
|
951 |
|
Cash cost per ounce of gold
sold(8) |
$/oz |
690 |
|
427 |
|
560 |
|
All-in
sustaining cost per ounce of gold sold(8) |
$/oz |
851 |
|
508 |
|
802 |
|
1) Included in cost of sales were
share-based compensation expenses of $0.8 million (2023 - $1.1
million)in the first half of 2024.2) Represents revenue
deductions for treatment charges, refining charges, penalties,
freight and final settlements to adjust for any differences
relative to the provisional invoice. 3) Represents
copper and silver revenue.4) Included in cost of sales
and finance cost in the condensed interim consolidated statements
of earnings (loss).5) Represents an allocated portion of
DPM’s general and administrative expenses, including a share-based
compensation expense of $5.6 million 2023 – $6.3 million) in the
first half of 2024, based on Chelopech and Ada Tepe’s proportion of
total revenue, including revenue from discontinued operations.
Allocated general and administrative expenses are reflected in
consolidated all-in sustaining cost per ounce of gold sold and are
not reflected in the cost measures for Chelopech and Ada Tepe.
6) Included in cash used in investing activities and
financing activities, respectively, in the condensed interim
consolidated statements of cash flows.7) Includes
payable gold in pyrite concentrate sold in 2024 of 17,520 ounces
(2023 – 17,426 ounces).8) Represents cost of sales, mine
cash cost of sales and all-in sustaining cost, respectively,
divided by payable gold in concentrate sold.
The following tables provide a reconciliation of
the Company’s cash cost per tonne of complex concentrate smelted to
its cost of sales from discontinued operations:
$ thousands, unless otherwise indicated |
|
Three Months |
|
Six Months |
Ended June 30, |
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
Complex concentrate smelted |
t |
52,858 |
|
49,483 |
|
|
107,631 |
|
99,130 |
|
Tsumeb cost of sales |
|
27,203 |
|
22,465 |
|
|
53,027 |
|
48,056 |
|
Deduct: |
|
|
|
|
|
|
Depreciation and amortization |
|
(2,006 |
) |
(846 |
) |
|
(3,683 |
) |
(1,699 |
) |
Sulphuric acid revenue |
|
(5,351 |
) |
(4,648 |
) |
|
(11,462 |
) |
(9,905 |
) |
Smelter cash cost |
|
19,846 |
|
16,971 |
|
|
37,882 |
|
36,452 |
|
Cost of sales per tonne of complex concentrate smelted(1) |
$/t |
515 |
|
454 |
|
|
493 |
|
485 |
|
Cash
cost per tonne of complex concentrate smelted(1) |
$/t |
375 |
|
343 |
|
|
352 |
|
368 |
|
1) Represents cost of sales and smelter cash cost,
respectively, divided by tonnes of complex concentrate smelted.
Adjusted net earnings (loss) and
adjusted basic earnings (loss) per share
Adjusted net earnings (loss) is a non-GAAP
financial measure and adjusted basic earnings (loss) per share is a
non-GAAP ratio used by management and investors to measure the
underlying operating performance of the Company. Presenting these
measures from period to period helps management and investors
evaluate earnings trends more readily in comparison with results
from prior periods.
Adjusted net earnings (loss) are defined as net
earnings (loss), adjusted to exclude specific items that are
significant, but not reflective of the underlying operations of the
Company, including:
- impairment
charges or reversals thereof;
- unrealized and
realized gains or losses related to investments carried at fair
value;
- significant tax
adjustments not related to current period earnings; and
- non-recurring or
unusual income or expenses that are either not related to the
Company’s operating segments or unlikely to occur on a regular
basis.
The following table provides a reconciliation of
adjusted net earnings (loss) to net earnings (loss):
$ thousands, except per share amounts |
|
Three Months |
|
Six Months |
Ended June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
Continuing
Operations: |
|
|
|
|
|
|
Net earnings from continuing
operations |
|
70,849 |
|
49,665 |
|
110,275 |
|
93,238 |
Add/(deduct): |
|
|
|
|
|
|
Net termination fee received from Osino, net of income taxes of
$nil |
|
- |
|
- |
|
(6,901 |
) |
- |
Deferred tax recovery adjustments not related to current period
earnings |
|
- |
|
464 |
|
- |
|
- |
Adjusted net earnings from continuing operations |
|
70,849 |
|
50,129 |
|
103,374 |
|
93,238 |
Basic earnings per share from continuing operations |
$/sh |
0.39 |
|
0.26 |
|
0.61 |
|
0.49 |
Adjusted basic earnings per share from continuing operations |
$/sh |
0.39 |
|
0.27 |
|
0.57 |
|
0.49 |
|
|
|
|
|
|
|
Discontinued
Operations: |
|
|
|
|
|
|
Net earnings (loss) from
discontinued operations |
|
(8,434 |
) |
12,071 |
|
(2,120 |
) |
15,098 |
Add: |
|
|
|
|
|
|
Tsumeb Disposition related costs, net of income taxes of $nil |
|
1,724 |
|
- |
|
4,315 |
|
- |
Adjusted net earnings (loss) from discontinued operations |
|
(6,710 |
) |
12,071 |
|
2,195 |
|
15,098 |
Basic earnings (loss) per share from discontinued operations |
$/sh |
(0.05 |
) |
0.06 |
|
(0.01 |
) |
0.08 |
Adjusted basic earnings (loss) per share from discontinued
operations |
$/sh |
(0.04 |
) |
0.06 |
|
0.01 |
|
0.08 |
|
|
|
|
|
|
|
Consolidated: |
|
|
|
|
|
|
Net earnings |
|
62,415 |
|
61,736 |
|
108,155 |
|
108,336 |
Add/(deduct): |
|
|
|
|
|
|
Net termination fee received from Osino, net of income taxes of
$nil |
|
- |
|
- |
|
(6,901 |
) |
- |
Deferred tax recovery adjustments not related to current period
earnings |
|
- |
|
464 |
|
- |
|
- |
Tsumeb Disposition related costs, net of income taxes of $nil |
|
1,724 |
|
- |
|
4,315 |
|
- |
Adjusted net earnings |
|
64,139 |
|
62,200 |
|
105,569 |
|
108,336 |
Basic earnings per share |
$/sh |
0.34 |
|
0.32 |
|
0.60 |
|
0.57 |
Adjusted basic earnings per share |
$/sh |
0.35 |
|
0.33 |
|
0.58 |
|
0.57 |
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure
used by management and investors to measure the underlying
operating performance of the Company’s operating segments.
Presenting these measures from period to period helps management
and investors evaluate earnings trends more readily in comparison
with results from prior periods. In addition, the Human Capital and
Compensation Committee of the Board of Directors uses adjusted
EBITDA, together with other measures, to set incentive compensation
goals and assess performance.
Adjusted EBITDA excludes the following from
earnings before income taxes:
- depreciation and
amortization;
- interest
income;
- finance
cost;
- impairment
charges or reversals thereof;
- unrealized and
realized gains or losses related to investments carried at fair
value; and
- non-recurring or
unusual income or expenses that are either not related to the
Company’s operating segments or unlikely to occur on a regular
basis.
The following table provides a reconciliation of
adjusted EBITDA to earnings (loss) before income taxes:
$ thousands |
Three Months |
|
Six Months |
Ended June 30, |
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
Continuing Operations: |
Earnings before income taxes
from continuing operations |
80,220 |
|
57,173 |
|
|
126,499 |
|
103,144 |
|
Add/(deduct): |
|
|
|
|
|
Depreciation and amortization |
22,108 |
|
20,870 |
|
|
44,944 |
|
41,912 |
|
Finance costs |
696 |
|
916 |
|
|
1,402 |
|
1,715 |
|
Interest income |
(9,935 |
) |
(6,001 |
) |
|
(18,342 |
) |
(10,079 |
) |
Net termination fee received from Osino |
- |
|
- |
|
|
(6,901 |
) |
- |
|
Adjusted EBITDA from continuing operations |
93,089 |
|
72,958 |
|
|
147,602 |
|
136,692 |
|
|
|
|
|
|
|
Discontinued Operations: |
Earnings (loss) before income
taxes from discontinued operations |
(8,434 |
) |
12,071 |
|
|
(2,120 |
) |
15,098 |
|
Add/(deduct): |
|
|
|
|
|
Depreciation and amortization |
2,005 |
|
846 |
|
|
3,683 |
|
1,699 |
|
Finance costs |
736 |
|
799 |
|
|
1,536 |
|
1,629 |
|
Interest income |
(23 |
) |
(20 |
) |
|
(45 |
) |
(39 |
) |
Tsumeb Disposition related costs |
1,724 |
|
- |
|
|
4,315 |
|
- |
|
Adjusted EBITDA from discontinued operations |
(3,992 |
) |
13,696 |
|
|
7,369 |
|
18,387 |
|
|
|
|
|
|
|
Consolidated: |
Earnings before income
taxes |
71,786 |
|
69,244 |
|
|
124,379 |
|
118,242 |
|
Add/(deduct): |
|
|
|
|
|
Depreciation and amortization |
24,113 |
|
21,716 |
|
|
48,627 |
|
43,611 |
|
Finance costs |
1,432 |
|
1,715 |
|
|
2,938 |
|
3,344 |
|
Interest income |
(9,958 |
) |
(6,021 |
) |
|
(18,387 |
) |
(10,118 |
) |
Net termination fee received from Osino |
- |
|
- |
|
|
(6,901 |
) |
- |
|
Tsumeb Disposition related costs |
1,724 |
|
- |
|
|
4,315 |
|
- |
|
Adjusted EBITDA |
89,097 |
|
86,654 |
|
|
154,971 |
|
155,079 |
|
Cash provided from operating activities,
before changes in working capital
Cash provided from operating activities, before
changes in working capital, is a non-GAAP financial measure defined
as cash provided from operating activities excluding changes in
working capital as set out in the Company’s consolidated statements
of cash flows. This measure is used by the Company and investors to
measure the cash flow generated by the Company’s operating segments
prior to any changes in working capital, which at times can distort
performance.
Free cash flow
Free cash flow is a non-GAAP financial measure
defined as cash provided from operating activities, before changes
in working capital which includes changes in share-based
compensation liabilities, less cash outlays for sustaining capital
expenditures, mandatory principal repayments and interest payments
related to debt and leases. This measure is used by the Company and
investors to measure the cash flow available to fund growth capital
expenditures, dividends and share repurchases.
The following table provides a reconciliation of
cash provided from (used in) operating activities, before changes
in working capital and free cash flow to cash provided from (used
in) operating activities:
$ thousands |
Three Months |
|
Six Months |
Ended June 30, |
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
Continuing Operations: |
Cash provided from operating
activities of continuing operations |
125,793 |
|
54,571 |
|
|
161,593 |
|
120,268 |
|
Excluding: |
|
|
|
|
|
Changes in working capital |
(26,394 |
) |
19,821 |
|
|
7,222 |
|
28,227 |
|
Cash provided from operating activities of continuing operations,
before changes in working capital |
99,399 |
|
74,392 |
|
|
168,815 |
|
148,495 |
|
Cash outlays for sustaining
capital expenditures(1) |
(5,351 |
) |
(6,925 |
) |
|
(11,311 |
) |
(13,891 |
) |
Principal repayments related
to leases |
(1,153 |
) |
(740 |
) |
|
(2,125 |
) |
(1,457 |
) |
Interest payments(1) |
(467 |
) |
(312 |
) |
|
(699 |
) |
(619 |
) |
Other
non-cash items |
(10,000 |
) |
- |
|
|
(12,200 |
) |
- |
|
Free cash flow from continuing operations |
82,428 |
|
66,415 |
|
|
142,480 |
|
132,528 |
|
|
|
|
|
|
|
Discontinued Operations: |
Cash provided from (used in)
operating activities of discontinued operations |
(9,139 |
) |
4,606 |
|
|
8,530 |
|
9,809 |
|
Excluding: |
|
|
|
|
|
Changes in working capital |
(6,774 |
) |
2,684 |
|
|
(16,607 |
) |
(1,196 |
) |
Cash provided from (used in) operating activities of discontinued
operations, before changes in working capital |
(15,913 |
) |
7,290 |
|
|
(8,077 |
) |
8,613 |
|
Cash outlays for sustaining
capital expenditures(1) |
(1,878 |
) |
(2,512 |
) |
|
(2,999 |
) |
(4,205 |
) |
Principal repayments related
to leases |
(697 |
) |
(616 |
) |
|
(1,364 |
) |
(1,177 |
) |
Interest payments(1) |
(77 |
) |
(132 |
) |
|
(166 |
) |
(281 |
) |
Other
non-cash items |
10,000 |
|
- |
|
|
12,200 |
|
- |
|
Free cash flow from discontinued operations |
(8,565 |
) |
4,030 |
|
|
(406 |
) |
2,950 |
|
|
|
|
|
|
|
Consolidated: |
Cash provided from operating
activities |
116,654 |
|
59,177 |
|
|
170,123 |
|
130,077 |
|
Excluding: |
|
|
|
|
|
Changes in working capital |
(33,168 |
) |
22,505 |
|
|
(9,385 |
) |
27,031 |
|
Cash provided from operating activities, before changes in working
capital |
83,486 |
|
81,682 |
|
|
160,738 |
|
157,108 |
|
Cash outlays for sustaining
capital expenditures(1) |
(7,229 |
) |
(9,437 |
) |
|
(14,310 |
) |
(18,096 |
) |
Principal repayments related
to leases |
(1,850 |
) |
(1,356 |
) |
|
(3,489 |
) |
(2,634 |
) |
Interest payments(1) |
(544 |
) |
(444 |
) |
|
(865 |
) |
(900 |
) |
Free cash flow |
73,863 |
|
70,445 |
|
|
142,074 |
|
135,478 |
|
1) Included in cash used in investing
and financing activities, respectively, in the condensed interim
consolidated statements of cash flows.
Average realized metal
prices
Average realized gold and copper prices are
non-GAAP ratios used by management and investors to highlight the
price actually realized by the Company relative to the average
market price, which can differ due to the timing of sales, hedging
and other factors.
Average realized gold and copper prices
represent the average per unit price recognized in the Company’s
consolidated statements of earnings (loss) prior to any deductions
for treatment charges, refining charges, penalties, freight and
final settlements to adjust for any differences relative to the
provisional invoice.
The following table provides a reconciliation of
the Company’s average realized gold and copper prices to its
revenue:
$ thousands, unless otherwise stated |
|
Three Months |
|
Six Months |
Ended June 30, |
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
Total revenue |
|
156,838 |
|
132,518 |
|
|
280,629 |
|
258,886 |
|
Add/(deduct): |
|
|
|
|
|
|
Treatment charges and other deductions(1) |
|
18,176 |
|
21,139 |
|
|
34,321 |
|
43,491 |
|
Silver revenue |
|
(1,334 |
) |
(1,249 |
) |
|
(2,610 |
) |
(2,329 |
) |
Revenue from gold and copper |
|
173,680 |
|
152,408 |
|
|
312,340 |
|
300,048 |
|
Revenue from gold |
|
144,099 |
|
127,597 |
|
|
261,557 |
|
249,398 |
|
Payable gold in concentrate
sold |
oz |
60,823 |
|
65,065 |
|
|
116,035 |
|
128,564 |
|
Average realized gold price
per ounce |
$/oz |
2,369 |
|
1,961 |
|
|
2,254 |
|
1,940 |
|
Revenue from copper |
|
29,581 |
|
24,811 |
|
|
50,783 |
|
50,650 |
|
Payable copper in concentrate
sold |
Klbs |
6,469 |
|
6,585 |
|
|
11,926 |
|
12,943 |
|
Average
realized copper price per pound |
$/lb |
4.57 |
|
3.77 |
|
|
4.26 |
|
3.91 |
|
1) Represent revenue deductions for
treatment charges, refining charges, penalties, freight and final
settlements to adjust for any differences relative to the
provisional invoice.
Dundee Precious Metals (TSX:DPM)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
Dundee Precious Metals (TSX:DPM)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024