The following is a summary of the Dundee Precious Metals Inc. (DPMLF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Dundee Precious Metals reported production of about 63,000 ounces of gold and 7 million pounds of copper in Q1 2024, with all-in sustaining costs of $883 per ounce.
The company generated a strong free cash flow of $62 million and ended Q1 with a consolidated cash balance of $626 million.
The company also repurchased 253,000 shares for a total cost of $1.9 million besides paying $7.2 million in dividends.
The lighter share buyback was due to legal restrictions as the company was setting up the Smeal.
The buildup in accounts receivable in Q1 was due to back-end weighted production, a situation not expected to recur.
Business Progress:
The company announced the sale of Tsumeb smelter's assets and liabilities to Sinomine in March.
A preliminary economic assessment confirmed the Coka Rakita project's high attractiveness, with construction scheduled to begin in mid-2026.
There is a focus on prioritizing M&A opportunities in potentially profitable regions.
Drilling programs in Serbia are ongoing, based on positive results received in February.
Progress is being reported on the Loma Larga project in Ecuador regarding stakeholder relations and permit-related activities.
The company renewed its share buyback program, with potential for a continuation and acceleration of buybacks.
Exploration, especially at the Chelopech underground mine, remains a priority for the company.
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