DUNDEE PRECIOUS METALS ANNOUNCES 2022 FIRST QUARTER RESULTS; DELIVERS ANOTHER STRONG QUARTER OF FREE CASH FLOW (All monetary figures are expressed in U.S. dollars
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DUNDEE PRECIOUS METALS ANNOUNCES 2022 FIRST QUARTER RESULTS;
DELIVERS ANOTHER STRONG QUARTER OF FREE CASH FLOW
(All monetary figures are expressed in U.S. dollars unless otherwise stated)
Toronto, Ontario, May 4, 2022 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the “Company”)
today announced its operating and financial results for the first quarter of 2022. All operational and financial
information contained in this news release are related to continuing operations, unless otherwise stated.
HIGHLIGHTS:
Solid metals production – Produced 62,915 ounces of gold and 7.7 million pounds of copper, in line
with 2022 guidance;
Strong all-in sustaining cost performance – Reported cost of sales per ounce of gold sold(1) of $1,103,
and an all-in sustaining cost per ounce of gold sold(2) of $684, which is below the low end of the 2022
guidance range;
Chelopech Mineral Reserve update and optimized mine plan – In March, DPM announced a mine life
extension to 2030, an optimized life of mine (“LOM”) plan reflecting higher recoveries and better
commercial terms, and an updated Mineral Resource and Mineral Resource estimates for the Chelopech
mine;
Significant free cash flow – Generated $78.5 million in cash provided from operating activities and $52.4
million of free cash flow(2);
Solid adjusted net earnings – Generated net earnings attributable to common shareholders from
continuing operations of $26.8 million and adjusted net earnings(2) of $37.0 million or $0.19 per share;
Growing financial strength – Ended the quarter with $382.0 million in cash, an investment portfolio of
$50.4 million, an undrawn $150.0 million long-term revolving credit facility (“RCF”) and no debt;
Increasing returns of capital to shareholders – Declared 2022 second quarter dividend of $0.04 per
common share payable on July 15, 2022 to shareholders of record on June 30, 2022; and repurchased
1,489,100 common shares for a total value of $8.9 million in the quarter;
On track for 2022 guidance and reduced outlook for all-in sustaining cost – All operations on track
to meet 2022 guidance; lowered 2023 and 2024 outlook for all-in sustaining cost per ounce of gold sold
to $590 to $700 for 2023 and $690 to $800 for 2024 from previous outlook of $630 to $760 and $720 to
$860, respectively; and
Progress at Loma Larga – Received technical approval of the Environmental Impact Assessment (“EIA”)
study from the Ministry of Environment, Water and Ecological Transition (“MAATE”). The process will now
advance with the Citizens Participation Process, followed by another review by the MAATE and the
issuance of the environmental licence, which is expected in the third quarter of 2022.
“Our first quarter financial results reflect a strong start to the year . With solid performance at Chelopech
and Ada Tepe and a continued focus on cost management, we achieved an all-in sustaining cost of $684
per ounce of gold sold, which is below the low end of our guidance range, and continued to generate
significant free cash flow,” said David Rae, President and Chief Executive Officer.
“During the quarter, we announced an optimized life of mine plan for Chelopech, which contributed to higher
gold and copper production, and an extension of the mine life to 2030. We continue to advance our
permitting activities for the Loma Larga gold project in Ecuador, including obtaining technical approval for
the environmental impact assessment. We believe this is a strong statement of support from the
government and we look forward to fully engaging with all other stakeholders .”
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1) 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. This measure
is before by-product credits, while all-in sustaining cost per ounce of gold sold is net of by-product credits.
2) All-in sustaining cost per ounce of gold sold ; free cash flow; and adjusted net earnings are non-GAAP financial measures or ratios. These measures have no
standardized meaning s under International Financial Reporting 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 12 of this news release for more information, including reconciliations
to IFRS measures.
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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 reason able 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 before interest, taxes, depreciation and amortization (“EBITDA”)
adjusted net earnings
adjusted basic earnings 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 12 of this news release.
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KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS
$ millions, except where noted
Ended March 31,
Three Months
2022 2021
Revenue 153.8 138.0
Cost of sales 97.3 85.6
Earnings before income taxes 33.9 35.3
Net earnings attributable to common shareholders from continuing operations 26.8 20.7
Net earnings attributable to common shareholders(1) 26.8 20.1
Basic earnings per share from continuing operations 0.14 0.11
Basic earnings per share(1) 0.14 0.11
Adjusted EBITDA(2) 69.5 66.2
Adjusted net earnings(2) 37.0 31.0
Adjusted basic earnings per share(2) 0.19 0.17
Cash provided from operating activities 78.5 47.6
Free cash flow(2) 52.4 51.0
Capital expenditures incurred:
Growth(3) 6.1 1.6
Sustaining(4) 8.8 17.4
Total capital expenditures 14.9 19.0
Metals contained in concentrate produced:
Gold (ounces)
Chelopech 41,500 36,879
Ada Tepe 21,415 33,379
Total gold in concentrate produced 62,915 70,258
Copper (‘000s pounds) 7,693 7,174
Payable metals in concentrate sold:
Gold (ounces)
Chelopech 36,313 35,534
Ada Tepe 21,068 33,033
Total payable gold in concentrate sold 57,381 68,567
Copper (‘000s pounds) 6,541 7,279
Cost of sales per tonne of ore processed(5):
Chelopech 68.94 60.46
Ada Tepe 121.55 108.28
Cash cost per tonne of ore processed(2):
Chelopech 48.07 41.64
Ada Tepe 53.24 43.28
Cost of sales per ounce of gold sold(6) 1,103 825
All-in sustaining cost per ounce of gold sold(2) 684 522
Complex concentrate smelted (tonnes) 47,243 23,009
Cost of sales per tonne of complex concentrate smelted (7) 720 1,265
Cash cost per tonne of complex concentrate smelted (2) 480 967
1) These measures include discontinued operations.
2) Adjusted EBITDA; adjusted net earnings; adjusted basic earnings per share ; free cash flow; cash cost per tonne of ore processed; all-in sustaining cost per
ounce of gold; and cash cost per tonne of complex concentrate smelted are non-GAAP financial measures or ratios. Refer to the “Non-GAAP Financial Measures”
section commencing on page 12 of this news release for more information, including reconciliations to IFRS measures.
3) 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 t he Company each period.
4) 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.
5) Cost of sales per tonne of ore processed represents cost of sales for Chelopech and Ada Tepe, respectively, divided by tonnes of ore processed.
6) 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.
7) Cost of sales per tonne of complex concentrate smelted represents cost of sales for Tsumeb, divided by tonnes of complex concentrate smelted.
First Quarter Operating Highlights
In the first quarter of 2022, the Company achieved solid operating performance at Chelopech and Ada Tepe.
Relative to the first quarter of 2021, Chelopech production was higher due primarily to improved recoveries,
while production at Ada Tepe was lower as a result of mining in lower grade zones, as planned. Based on first
quarter operating results and higher average quarterly metals production expected over the balance of the
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year, Chelopech and Ada Tepe remain on track to achieve their 2022 production guidance. At Tsumeb, while
complex concentrate smelted was higher than the first quarter of 2021, due primarily to the timing of the planned
Ausmelt furnace maintenance shutdown, it was below expectations for the quarter as a result of maintenance
to the off-gas system and reduced baghouse capacity. Additional maintenance to both systems is expected to
take place during the Ausmelt furnace maintenance scheduled for the second quarter of 2022. As a result of
these ongoing maintenance activities, the smelter is expected to be at the low er end of its 2022 production
guidance.
Net Earnings and Adjusted Net Earnings
Net earnings attributable to common shareholders from continuing operations in the first quarter of 2022 were
$26.8 million ($0.14 per share) compared to $20.7 million ($0.11 per share) in the corresponding period in
2021.
Net earnings attributable to common shareholders from continuing operations in the first quarter of 2022 and
2021 were impacted by Tsumeb restructuring costs related to a comprehensive initiative directed at optimizing
the cost structure of the smelter, unrealized gains or losses on Sabina Gold and Silver Corp. (“Sabina”) special
warrants and deferred income tax adjustments not related to current period earnings , all of which are not
reflective of the Company’s underlying operating performance and are excluded from adjusted net earnings.
Adjusted net earnings in the first quarter of 2022 were $37.0 million ($0.19 per share) compared to $31.0 million
($0.17 per share) in the corresponding period in 2021 due primarily to higher realized gold and copper prices,
higher toll rates, sulphuric acid prices and throughput at Tsumeb, and lower treatment charges at Chelopech,
partially offset by lower volumes of metal sold and higher operating costs.
Adjusted EBITDA
Adjusted EBITDA in the first quarter of 202 2 was $69.5 million compared to $ 66.2 million in the
corresponding period in 2021, reflecting the same factors that affected adjusted net earnings, except for
interest, income tax, depreciation and amortization, which are excluded from adjusted EBITDA .
Production, Delivery and Cost Measures
Gold contained in concentrate produc ed in the first quarter of 2022 decreased by 10% to 62,915 ounces
relative to the corresponding period in 2021 due primarily to lower gold grades at Ada Tepe in line with the
production plan, partially offset by improved gold recoveries at Chelopech.
Copper production in the first quarter of 202 2 increased by 7% to 7.7 million pounds relative to the
corresponding period in 2021 due primarily to higher copper recoveries.
Payable gold in concentrate sold in the first quarter of 202 2 of 57,381 ounces was 16% lower than the
corresponding period in 2021 consistent with lower gold production. Payable copper in concentrate sold in
the first quarter of 2022 of 6.5 million pounds was 10% lower than the corresponding period in 202 1 due
primarily to the timing of deliveries, partially offset by higher copper production.
Complex concentrate smelted at Tsumeb during the first quarter of 2022 of 47,243 tonnes was higher than
the corresponding period in 2021 due primarily to the maintenance shutdown in 2021 and below
expectations for the quarter as a result of maintenance to the off-gas system as well as reduced baghouse
capacity.
Cost of sales in the first quarter of 2022 of $97.3 million was $11.7 million higher than the corresponding
period in 2021 due primarily to higher local currency operating expenses reflecting higher prices for
electricity and direct materials in Bulgaria and higher volumes of complex concentrate smelted at Tsumeb.
All-in sustaining cost per ounce of gold sold in the first quarter of 2022 of $684 was 31% higher than the
corresponding period in 2021 due primarily to higher local currency operating expenses in Bulgaria, lower
volumes of gold sold and higher cash outlays for sustaining capital expenditures, partially offset by higher
by-product credits reflecting higher realized copper prices.
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Cash cost per tonne of complex concentrate smelted in the first quarter of 2022 of $480 was $487 lower
than the corresponding period in 2021 due primarily to the furnace maintenance shutdown that took place
in the first quarter of 2021.
A table comparing production, delivery and cash cost measures for the first quarter of 2022 against 2022
guidance is located on page 9 of this news release.
Cash Provided from Operating Activities
Cash provided from operating activities in the first quarter of 2022 of $78.5 million was $30.9 million higher
than the corresponding period in 2021 due primarily to the timing of deliveries and subsequent receipt of
cash.
For a detailed discussion on the factors affecting cash provided from operating activities, refer to the
“Liquidity and Capital Resources” section contained in th e Management’s Discussion and Analysis for the
three months ended March 31, 2022 (the “MD&A”).
Free Cash Flow
Free cash flow in the first quarter of 2022 of $52. 4 million was comparable to the corresponding period in
2021.
Capital expenditures
Capital expenditures incurred during the first quarter of 2022 were $15.0 million compared to $19.0 million
in the corresponding period in 2021.
Sustaining capital expenditures incurred during the first quarter of 2022 were $8.8 million compared to
$17.4 million in the corresponding period in 2021. This decrease was due primarily to the timing of the
Ausmelt furnace maintenance sh utdown at Tsumeb which occurred in the first quarter of 2021 , with the
next shutdown scheduled to occur in the second quarter of 2022 . Growth capital expenditures incurred
during the first quarter of 2022 were $6.2 million compared to $1.6 million in the c orresponding period in
2021 due primarily to capitalized costs related to the development of the Loma Larga and Timok gold
projects.
Chelopech Mineral Reserve and Mineral Resource Update
On March 31, 2022, the Company announced a mine life extension to 2030, an optimized LOM plan and
updated Mineral Resource and Mineral Reserve estimates for the Chelopech mine.
Chelopech successfully added 3.0 Mt to Mineral Reserves, which more than offset 2021 production
depletion of 2.2 Mt for a net addition of 0.8 Mt, extending the life of mine to 2030. The updated LOM plan
adds approximately 286,000 ounces of gold production and 47 million pounds of copper production between
2022 and 2030, relative to the previous mine plan reflecting higher metallurgical recoveries and improved
commercial terms.
Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, of 1.26 million ounces of gold
and 270 million pounds of copper add further potential to extend mine life, if such Mineral Resources are
converted to Mineral Reserves.
For additional information, including key assumptions and parameters relating to the foregoing Mineral
Resource and Mineral Reserve Estimates , please refer to the Company’s press release dated March 31,
2022 entitled “Dundee Precious Me tals Announces Mine Life Extension and Update to Mineral Resource
and Mineral Reserve Estimates for Chelopech”, as well as the technical report for Chelopech entitled “NI
43-101 Technical Report - Mineral Resource and Reserve Update, Chelopech Mine, Chelopech, Bulgaria”
dated March 31, 2022 (the “Chelopech Technical Report”) , both of which have been posted on the
Company’s website at www.dundeeprecious.com and have been filed on SEDAR at www.sedar.com.
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Loma Larga gold project, Ecuador
The Company continued with the optimization of the feasibility study (“FS”) completed by INV Minerales
Ecuador S.A. (“INV”), renamed DPM Ecuador Inc. (“DPM Ecuador”), prior to the acquisition by DPM, and
progressed with several trade-off studies aiming to further improve the project, based on DPM’s expertise
and experience.
Following closing of the acquisition, the Company c ompleted integration activities and intensified its
stakeholder engagement work, while advancing the permitting process. A 15,800-metre drill program, which
is planned to optimize specific aspects of the previous FS and will consist of metallurgical, geote chnical,
hydrogeological and condemnation drilling , was started and temporarily paused during the quarter as a
result of the filing of a constitutional protective action (“ Action”) against the MAATE by certain non -
government organizations and local agencie s as discussed below. A total of 658 metres of condemnation
drilling was completed during the first quarter of 2022. The design of a metallurgical test program was
completed and DPM is targeting completion of a revised FS in 2022.
In April, DPM received technical approval of the EIA study that was submitted by INV to the MAATE, and
is now appointing facilitators to carry out the Citizens Participation Process. DPM and its EIA consultant will
support the Citizens Participation Process, assess all comments received, and make necessary updates to
the EIA in order to facilitate the MAATE providing its final approval of the EIA and issuing the environmental
licence for the project, which is expected to be in the third quarter of 2022.
As the permitting proce ss progresses, DPM’s team is proactively working with stakeholders to obtain the
project’s social licence to operate. The Company is also progressing discussions that are expected to result
in the execution of an investor protection agreement with the gove rnment of Ecuador prior to making any
significant capital commitments.
On February 21, 2022, DPM paused drilling activities as a result of the filing of the Action with the
Constitutional Judge of the Judicial Labor Unit of Cuenca (the “Court”). The Cou rt ordered the suspension
of the environmental permit required for current exploration and technical drilling pending the hearing of the
Action. The Company expects the hearing of the Action to be scheduled shortly. The Action alleges that, in
granting the environmental permits, the MAATE violated certain rights relating to prior consultation and
protection of water and nature and also seeks the annulment of DPM’s mining concessions for the Loma
Larga gold project. DPM Ecuador has been added to the Action a s a third-party intervenor and is working
closely with the MAATE as well as other government ministries and local stakeholders that support the
Loma Larga gold project in defending the Action. DPM believes the Action is without merit and that its
concessions are legally valid and protected under the Ecuadorian law.
Timok gold project, Serbia
The Company continues to advance the Timok FS, which is focused on the oxide portion of the deposit and
is on track for completion in the second quarter of 2022.
Exploration
At Chelopech, a total of 7,409 metres of diamond drilling was completed in the first quarter of 2022, as part
of the brownfield exploration program which focused on:
Infill and target delineation drilling at the Wedge and West Shaft prospects within the Sveta Petka
exploration licence as part of commercial discovery process at Sveta Petka;
Scout drill testing of the Petrovden gold-copper-molybdenum porphyry prospect, aiming to delineate
higher grade zones that may potentially be amenable to underground mining; and
Exploration drilling to re -evaluate the high -sulphidation type copper -gold mineralization defined
historically at the Sharlo Dere prospect within the mine concession area.
The Company’s application for a one -year extension t o the Sveta Petka exploration licence, which
surrounds the Chelopech mine, was approved in November 2021, allowing DPM to commence work related
to the commercial discovery phase. All required permitting was received in March 2022, allowing the start
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of an intensive Mineral Resource delineation drilling campaign required for the further assessment and
application for a Commercial Discovery in early 2023.
At Ada Tepe, after completion of conceptual targeting for possible feeder structures within the Khan Krum
mine concession area, 18 drill holes for a total of 5,120 metres, were designed and are planned to be
executed in the second quarter of 2022. Drilling also commenced within the Chiriite exploration licen ce,
with an 11-scout hole progra m underway to test the vein swarms identified in 2021 by mapping and
trenching at several targets.
In Serbia, a total of 731 metres were drilled at the Umka project during the first quarter of 2022 . Plans for
the second quarter of 2022 are to conduct ad ditional geophysics at the Umka project to allow better
definition of potential targets and commence regional field activities on several other early-stage licences.
In Ecuador, a 450-kilometre line HD Magnetic helicopter-borne survey was completed in January 2022 on
Tierras Coloradas. The planning of a 2,000-metre drilling program and the change in status of the project
from early to advanced stage are in progress.
Returning capital to shareholders
As part of its strategy, the Company adheres to a disciplined capital allocation framework that is based on
three fundamental considerations – balance sheet strength, reinvestment in the business, and the return of
capital to shareholders.
Share repurchases under the Normal-Course Issuer Bid (“NCIB”)
During the first quarter of 2022, DPM purchased a total of 1,489,100 common shares, all of which were
cancelled, at an average price of $5.98 (Cdn$7.59) per share , for a total value of $8.9 million (Cdn$11.3
million).
Pursuant to the Company’s NCIB, which it renewed on March 1, 2022, the Company is able to purchase
up to an additional 9,000,000 common shares representing approximately 5% of the total outstanding
common shares as at February 17, 2022, over a period of twelve months which ends on February 28, 2023.
Declaration of dividend
On February 17, 2022, the Company declared a dividend of $0.04 per common share, representing a 33%
increase over the previous quarterly dividend , resulting in total dividend distributions of $7.6 million (2021
– $5.5 million).
On May 4, 2022, the Company declared a dividend of $0.04 per common share payable on July 15, 2022
to shareholders of record on June 30, 2022.
Three-Year Outlook
With solid operating performance from the Chelopech and Ada Tepe mines in the first quarter of 2022 and
higher average quarterly production expected at all operations over the balance of the year, DPM is on
track to meet its guidance for 2022 for all operations, including expected gold production of 250,000 to
290,000 ounces and copper production of 32 to 37 million pounds , as well as all-in sustaining cost per
ounce of gold sold of $750 to $890, with expected smelter concentrate throughput to be at the lower end of
its 210,000 to 240,000 tonne range.
The Company’s three -year outlook previously issued in DPM’s MD&A for the three and twelve months
ended December 31, 2021, remains unchanged, except for the 2023 and 2024 outlook in respect of all -in
sustaining cost per ounce of gold sold, which was lowered and is now expected to be $590 to $700 for 2023
and $690 to $800 for 2024, down from $630 to $760 and $720 to $860, respectively, as previously issued
in February 2022, reflecting expected grades in concentrate pr oduced and volumes of gold -copper
concentrate delivered to third party smelters outlined in the most recently issued Chelopech T echnical
Report.
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For additional information regarding the Company’s detailed guidance for 202 2 and three-year outlook,
please refer to the “Three-Year Outlook” section of the MD&A.
Conflict in Ukraine
On February 24, 2022, Russia launched an invasion of Ukraine which, as of the date hereof, is still ongoing.
Given the role each country plays around global energy and agricultural trade, the international community’s
imposition of a variety of sanctions on Russia, and the withdrawal of foreign products and services to
Russia, this invasion is putting further strains on the global supply chain and adding additional prici ng
pressure above and beyond what previously was attributable to the COVID-19 pandemic.
The Company’s Chelopech and Ada Tepe mines are located in Eastern Europe in Bulgaria. Bulgaria does
not share a border with either Russia or Ukraine and is part of the North Atlantic Treaty Organization and
the European Union. The main sources of Bulgaria’s electric energy are nuclear and coal facilities, which
together comprise approximately 80% of Bulgaria’s total energy generation. Although Russia has recently
announced that it is halting natural gas deliveries to Bulgaria, approximately 5% of Bulgari’s total energy
supply is generated from natural gas and DPM does not anticipate any disruption of power supply to its
mines as a result. Furthermore, the Company does no t source any supplies from Russia or Russian
companies. As a result, the impact of the conflict in Ukraine on the Company has been limited to increased
costs for energy, fuel and other direct materials. Further escalation of the conflict, including an outbreak of
and/or expansion of hostilities into other countries or regions within Europe could have a material adverse
effect on the Company’s operations due to, among other factors, disruption in the Company’s supply chain,
increased input costs, and increas ed risk (or perception of increased risk) in the profile of the Company’s
operations in Eastern Europe. The Company continues to monitor and will proactively manage the situation,
although there is no assurance that the Company’s operations will not be adv ersely affected by current
geopolitical tensions. The Company’s 2022 guidance and outlook for 2023 and 2024 are predicated on the
conflict in Ukraine having no material impact on DPM’s production and costs.
For additional details, refer to the news release entitled “Dundee Precious Metal ’s Bulgarian Operations
Unaffected by Reduced Natural Gas Supply to Bulgaria” dated April 27, 2022, which has been posted on
the Company’s website at www.dundeeprecious.com and have been filed on SEDAR at www.sedar.com.
COVID-19
To date, with the proactive measures taken by each of the Company’s operations, the COVID-19 pandemic
has had minimal impact on DPM’s production. DPM is closely monitoring the COVID -19 situation and has
put measures in place to safeguard the health of its workforce and support the continuity of its operations.
Given the highly uncertain and evolving nature of this situation, the Company is not able to reliably estimate
the likelihood, timing, duration, severity and scope of this pandemic and the potential impact it could have
on the Company’s future operating and financial results. As a result, the 2022 guidance, and outlook for
2023 and 2024, is predicated on the COVID-19 pandemic continuing to be effectively managed with minimal
impact on DPM’s operations.
For additional details on the conflict in Ukraine and COVID-19, including the related risks faced by the
Company, refer to the “Overview – Operational and Financial Highlights” sections contained in the MD&A.