DUNDEE PRECIOUS METALS DELIVERS RECORD FINANCIAL AND OPERATING 2021 RESULTS; THREE-YEAR OUTLOOK HIGHLIGHTS STRONG PRODUCTION AND COST PROFILE (All monetary figures are expressed in U.S. dollars
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DUNDEE PRECIOUS METALS DELIVERS RECORD FINANCIAL AND OPERATING 2021 RESULTS;
THREE-YEAR OUTLOOK HIGHLIGHTS STRONG PRODUCTION AND COST PROFILE
(All monetary figures are expressed in U.S. dollars unless otherwise stated)
Toronto, Ontario, February 17, 2022 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the
“Company”) today announced its operating and financial results for the fourth quarter and twelve months
ending December 31, 2021. All operational and financial information contained in this news release are
related to continuing operations, unless otherwise stated.
HIGHLIGHTS:
Record gold production – Produced a record 309,965 ounces of gold, at the upper end of 2021
guidance. Copper production of 34.7 million pounds was in line with 2021 guidance;
Strong cost performance at all operations – Reported cost of sales of $359.9 million , and an all-in
sustaining cost per ounce of gold of $657 and a cash cost per tonne of complex concentrate smelted of
$479, in line with 2021 guidance;
Record free cash flow – Generated a record $253.1 million in cash provided from operating activities
and a record $252.4 million of free cash flow;
Record adjusted net earnings – Generated net earnings attributable to common shareholders from
continuing operations of $190.7 million and record adjusted net earnings of $202.0 million or $1.09 per
share;
Growing financial strength – Ended the year with $334.4 million in cash, an investment portfolio of $48
million, an undrawn $150 million long-term revolving credit facility (“RCF”) and no debt;
Returning capital to shareholders – Declared 2022 first quarter dividend of $0.04 per common share
payable on April 18, 2022 to shareholders of record on March 31, 2022. For 2021, dividends distributed
totalled $22.4 million ($0.12 per share) and common shares repurchased totalled $10.4 million for an
aggregate of $32.8 million of capital returned to shareholders, representing 13% of free cash flow;
Strong sustainability performance – Scored in the 91st percentile for ESG performance among
companies in the metals and mining industry in the 2021 S&P Global Corporate Sustainability
Assessment.
Strong 2022 guidance and three-year outlook – Expected gold production of between 250,000 and
290,000 ounces in 2022 at an all-in sustaining cost of between $750 and $890 per ounce of gold, with
continued solid production in 2023 and 2024 as outlined in the three-year outlook.
Board refreshment process – As part of the Board of Director’s ongoing succession and refreshment
process, Jonathan Goodman, Chair of DPM’s Board since 2013, will not stand for re-election at the 2022
Annual Meeting of Shareholders (“Annual Meeting”). The Board has determined that Peter Gillin, currently
serving as Deputy Chair, will assume the Chair position, subject to his re-election at the Annual Meeting.
“Overall, 2021 was another very strong year for DPM as we delivered record annual gold production for the
third consecutive year and generated record free cash flow of $252 million. Earlier in the year, we increased
Mineral Reserves and extended mine life at Chelopech, and added the high-quality Loma Larga project to our
portfolio,” said David Rae, President and Chief Executive Officer.
“We also continue to deliver on our ESG priorities and scored in the 91st percentile among mining and metals
companies in the S&P Global Corporate Sustainability Assessment, a strong independent validation of our
efforts in this important area.
“With a solid production profile, significant free cash flow generation and a strong balance sheet, DPM is well-
positioned to continue delivering value for our stakeholders.
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“On behalf of the Board and DPM management, I would like to acknowledge and thank Jonathan Goodman
for the pivotal contributions he has made since 2003 in his capacity as founder, shareholder, CEO, and now
as Chair of DPM’s Board of Directors. Starting with the acquisition of the Company’s Bulgarian assets and their
transformation into world class operations, Jonathan has been an integral part of DPM’s growth into the leading
environmentally and socially responsible mid-tier producer we are today.
“His strong leadership and guidance over the years established a strong foundation for the Company’s values,
which has been critical to our success and will continue to serve us well going forward.”
“I am extremely proud of what we accomplished at DPM since the Company was founded in 2003, ” said
Jonathan Goodman, Chair of the Board of Directors. “I believe we have built an exceptional company with a
promising future, consisting of world-class assets, strong partnerships with stakeholders and a very unique
culture. I have full confidence that DPM’s Board and management will continue to build on these successes to
deliver value for all stakeholders.”
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 man agement’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:
cash cost per tonne of ore processed
cash cost per tonne of complex concentrate smelted
cash cost per ounce of gold sold
all-in sustaining cost per ounce of gold sold
adjusted net earnings
adjusted basic earnings per share
adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”)
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 contained in this news release.
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KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS
$ millions, except where noted
Ended December 31,
Three Months Twelve Months
2021 2020 2021 2020
Revenue 166.4 151.8 641.4 609.6
Cost of sales 96.8 81.1 359.9 330.9
Earnings before income taxes 60.3 52.6 229.4 217.9
Net earnings attributable to common shareholders from
continuing operations 52.1 50.2 190.7 199.1
Net earnings attributable to common shareholders (1) 51.5 50.3 210.1 196.0
Basic earnings per share from continuing operations 0.27 0.28 1.02 1.10
Basic earnings per share(1) 0.27 0.28 1.12 1.08
Adjusted EBITDA 84.3 74.8 336.9 319.3
Adjusted net earnings 51.4 44.0 202.0 188.4
Adjusted basic earnings per share 0.27 0.24 1.09 1.04
Cash provided from operating activities 88.8 70.5 253.1 197.0
Free cash flow(2) 65.8 39.3 252.4 211.4
Metals contained in concentrate produced:
Gold (ounces)
Chelopech 49,050 38,020 177,001 179,562
Ada Tepe 33,774 26,097 132,964 118,727
Total gold in concentrate produced 82,824 64,117 309,965 298,289
Copper (‘000s pounds) 9,151 7,659 34,688 35,642
Payable metals in concentrate sold:
Gold (ounces)
Chelopech 40,538 37,399 149,297 150,764
Ada Tepe 33,282 25,169 129,754 120,070
Total payable gold in concentrate sold 73,820 62,568 279,051 270,834
Copper (‘000s pounds) 8,175 7,766 32,680 33,389
Cash cost per tonne of ore processed:
Chelopech 53.65 41.78 47.12 38.42
Ada Tepe 60.27 42.17 52.18 40.07
All-in sustaining cost per ounce of gold 757 651 657 654
Complex concentrate smelted (tonnes) 51,932 52,484 189,705 231,890
Cash cost per tonne of complex concentrate smelted 445 406 479 377
1) These measures include discontinued operations.
Fourth Quarter and Annual Operating Highlights
In the fourth quarter of 2021, Ada Tepe delivered impressive performance, including record quarterly gold
production, as a result of higher grades. Production at Chelopech was sign ificantly higher than the fourth
quarter of 2020, as a result of mining in higher grade zones and improved recoveries. The Tsumeb smelter
delivered performance that was in line with the fourth quarter of 2020, reflecting an 8 -day maintenance
shutdown to repair a water leak in the off-gas system.
For the full year, DPM met its metals production guidance and achieved reco rd gold production. Complex
concentrate smelted at Tsumeb was slightly below revised guidance.
Net Earnings and Adjusted Net Earnings
Net earnings attributable to common shareholders from continuing operations in the fourth quarter and twelve
months of 2021 were $52.1 million ($0.27 per share) and $190.7 million ($1.02 per share), respectively,
compared to $50.2 million ($0.28 per share) and $199.1 million ($1.10 per share) in the corresponding periods
in 2020.
Net earnings attributable to common shareholders from continuing operations in the fourth quarter and twelve
months of 2021 and 2020 were impacted by unrealized gains or losses on Sabina Gold and Silver Corp.
(“Sabina”) special warrants and deferred income tax adjustments not related to current period earnings, both
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of which are not reflective of the Company’s underlying operating performance and are excluded from adjusted
net earnings.
Adjusted net earnings in the fourth quarter of 2021 were $51.4 million ($0.27 per share) compared to $44.0
million ($0.24 per share) in the corresponding period in 2020 due primarily to higher volumes of metal sold and
lower share-based compensation as a result of changes in DPM’s share price, partially offset by higher local
currency operating expenses in Bulgaria reflecting higher prices for electricity and direct materials and higher
labour costs.
Adjusted net earnings in 2021 were $202.0 million ($1.09 per share) compared to $188.4 million ($1.04 per
share) in 2020 due primarily to higher realized gold and copper prices, higher volumes of gold sold and lower
share-based compensation as a result of changes in DPM’s share price , partially offset by the planned
maintenance shutdown at Tsumeb in the first quarter of 2021, as well as unplanned maintenance downtime
due to water leak s in the off -gas system during the second half of 2021 , higher local currency operating
expenses in Bulgaria reflecting higher prices for electricity and direct materials and higher labour costs , a
weaker U.S. dollar and higher royalties at Ada Tepe reflecting a higher profit-based royalty rate.
Adjusted EBITDA
Adjusted EBITDA in the fourth quarter and twelve months of 2021 was $ 84.3 million and $ 336.9 million,
respectively, compared to $74.8 million and $319.3 million in the corresponding periods in 2020, 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 produced in the fourth quarter of 2021 increased by 29% to 82,82 4 ounces
relative to the corresponding period in 2020 due primarily to higher gold grades at Ada Tepe and improved
gold recoveries at Chelopech. Gold contained in concentrate produced in 2021 increased by 4% to 309,965
ounces relative to 2020 due primarily to higher gold grades at Ada Tepe and improved gold recoveries from
pyrite concentrate at Chelopech, partially offset by mining in lower grade zones at Chelopech in the third
quarter of 2021.
Copper production in the fourth quarter of 2021 increased by 1 9% to 9.2 million pounds relative to the
corresponding period in 2020 due primarily to higher copper grades. Copper production in 2021 decreased
by 3% to 34.7 million pounds relative to 2020 due primarily to mining in lower grade zones, partially offset
by higher copper recoveries.
Payable gold in concentrate sold in the fourth quarter of 2021 of 73, 820 ounces was 18% higher than the
corresponding period in 2020 due primarily to higher gold grades at Ada Tepe , and mining in higher grade
zones and higher gold recoveries at Chelopech. Payable copper in concentrate sold in the fourth quarter
of 2021 of 8.2 million pounds was 5% higher than the corresponding period in 2020 due primarily to higher
copper recoveries.
Payable gold in concentrate sold in 2021 of 279,051 ounces was 3% higher than 2020 due primarily to
higher gold grades at Ada Tepe, partially offset by mining in lower gold grade zones at Chelopech. Payable
copper in concentrate sold in 2021 of 32.7 million pounds was 2% lower than 2020 due primarily to mining
in lower grade zones at Chelopech, partially offset by the timing of deliveries.
Complex concentrate smelted at Tsumeb during the fourth quarter of 2021 of 51,93 2 tonnes was
comparable to the corresponding period in 2020. Complex conc entrate smelted at Tsumeb in 2021 of
189,705 tonnes was 18% lower than 2020 due primarily to the planned first quarter Ausmelt furnace
maintenance shutdown , as well as unplanned maintenance downtime due to water leak s in the off -gas
system during the second half of 2021.
Cost of sales in the fourth quarter of 2021 of $96.8 million was $15.7 million higher than the corresponding
period in 2020 due primarily to higher local currency operating expenses in Bulgaria reflecting higher prices
for electricity and direct materials and higher labour costs.
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Cost of sales in 2021 of $ 359.9 million was $ 29.0 million higher than 2020 due primarily to higher local
currency operating expenses in Bulgaria reflecting higher prices for electricity and direct materials and
higher labour costs, higher royalties at Ada Tepe reflecting a higher profit-based royalty rate, and a weaker
U.S. dollar, partially offset by lower local currency operating expenses at Tsumeb and lower depreciation .
All-in sustaining cost per ounce of gold in the fourth quarter of 2021 of $ 757 was 16% higher than the
corresponding period in 2020 due primarily to higher local currency operating expenses in Bulgaria and
higher treatment charges at Chelopech, partially offset by higher volumes of gold sold.
All-in sustaining cost per ounce of gold in 2021 of $657 was comparable to 2020 due primarily to higher by-
product credits reflecting higher realized copper prices, partially offset by higher local currency operating
expenses in Bulgaria , higher royalties at Ada Tepe, and higher cash outlays for sustaining capital
expenditures.
Cash cost per tonne of complex concentrate smelted in the fourth quarter of 2021 of $445 was $39 higher
than the corresponding period in 2020 due primarily to higher local currency operating expenses as a result
of higher maintenance costs, partially offset by higher sulphuric acid by-product credits reflecting higher
sulphuric acid prices.
Cash cost per tonne of complex concentrate smelted in 2021 of $479 was $102 higher than 2020 reflecting
the fixed cost nature of the facility and the impact of lower volumes of complex concentrate smelted,
combined with a stronger ZAR relative to the U.S. dollar.
A table comparing production, delivery and cash cost measures for the fourth quarter and twelve months
of 2021 against 2021 guidance can be found on page 13 of this news release.
Cash Provided from Operating Activities
Cash provided from operating activities in the fourth quarter of 2021 of $88.8 million was $ 18.2 million
higher than the corresponding period in 2020 and higher than the $ 7.7 million increase in earnings before
taxes, due primarily to the prepaid forward gold sales agreement at Ada Tepe being fully satisfied with the
final delivery in December 2020 and lower income taxe s paid, partially offset by an unfavourable period
over period change in working capital mainly related to an increase in accounts receivables as a result of
the timing of deliveries.
Cash provided from operatin g activities in 2021 of $ 253.1 million was $56.1 million higher than 2020 and
higher than the $11.5 million increase in earnings before income taxes, due primarily to the prepaid forward
gold sales agreement at Ada Tepe being fully satisfied with the final delivery in December 2020.
During the fourth quarter and twelve months of 2020, Ada Tepe delivered 6,993 ounces and 34,087 ounces
of gold, respectively, pursuant to the prepaid forward gold sales arrangement which resulted in $9.6 million
and $46.7 million of deferred revenue being recognized in revenue during the fourth quarter and twelve
months of 2020, respectively, with no corresponding impact on cash as these deliveries were in partial
satisfaction of the $50.0 million of upfront proceeds receiv ed in 2016. In December 2020, the Company
completed its final delivery of gold under this arrangement.
For a detailed discussion on the factors affecting cash provided from operating activities, refer to the
“Liquidity and Capital Resources” section conta ined in the Management’s Discussion and Analysis for the
three and twelve months ended December 31, 2021 (the “MD&A”).
Free Cash Flow
Free cash flow in the fourth quarter of 2021 of $65.8 million was $26.5 million higher than the corresponding
period in 2020 and higher than the $ 7.6 million increase in earnings before taxes , due primarily to the
fulfillment of the prepaid forward gold sales agreement at Ada Tepe in December 2020 and lower income
taxes paid.
Free cash flow in 2021 of $252.4 million was $41.0 million higher than 2020 and higher than the $ 11.5
million increase in earnings before income taxes, due primarily to the fulfillment of the prepaid forward gold
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sales agreement at Ada Tepe in December 2020, partially offset by higher cash outlays for sustaining
capital expenditures.
Financial Position and Liquidity
As at December 31, 2021, the Company had cash of $ 334.4 million, investments valued at $48.0 million
primarily related to its 8.9% interest in Sabina, as well as $150.0 million of available capital under its RCF,
and no debt.
Capital expenditures
Capital expenditures incurred during the fourth quarter and twelve months of 2021 were $19.7 millio n and
$69.6 million, respectively, compared to $15.7 million and $49.3 million in the corresponding periods in
2020.
Sustaining capital expenditures incurred during the fourth quarter and twelve months of 2021 were $12.3
million and $52.5 million, respect ively, compared to $12.3 million and $40.8 million in the corresponding
periods in 2020. The year -over-year increase was due primarily to the planned maintenance shutdown at
Tsumeb in the first quarter of 2021 and the accelerated grade control drilling at Ada Tepe initiated in
September 2020. Growth capital expenditures incurred during the fourth quarter and twelve months of 2021
were $7.4 million and $17.1 million, respectively, compared to $3.4 million and $8.5 million in the
corresponding periods in 2020 due primarily to work related to the development of the Timok and Loma
Larga gold projects.
Loma Larga gold project, Ecuador
Following the acquisition of the Loma Larga gold project in July 2021, the Company has focused on
integration activities, stakeholder engagement and a review of technical studies and permitting schedule
for the project. DPM is targeting completion of a revised feasibility study (“FS”) in 2022 and has commenced
scoping for t he FS optimization work. A drilling program of 15,800 metres including hydrogeological,
geotechnical, metallurgical, condemnation and extension drilling commenced in the first quarter of 2022
and is expected to be completed in the third quarter of 2022. The Company is also progressing discussions
for the execution of an investor protection agreement with the government of Ecuador prior to making any
significant capital commitments. Based on the revised permitting schedule, DPM is targeting to receive the
major environmental permits towards the end of 2022, followed by finalization of the exploitation agreement
and construction permits.
For more information, including key assumptions, risks and parameters relating to the FS, refer to the
technical report “ NI 43 -101 Feasibility Study Technical Report, Loma Larga Project, Azuay Province,
Ecuador” dated April 8, 2020 and re-issued by DPM on November 29, 2021, which has been posted on the
Company’s website at www.dundeeprecious.com and has been filed on SEDAR at www.sedar.com.
Timok gold project, Serbia
On February 23, 2021, DPM released the positive results of a pre -feasibility study (“PFS”) on the Timok
gold project and initia ted a FS. The Company continues to progress with the FS focused on the oxide
portion of the deposit, which is on track for completion in the second quarter of 2022.
For additional details, including key assumptions, risks and parameters relating to the PFS, refer to the
news release entitled “Dundee Precious Metals Announces Positive Pre-Feasibility Study and Encouraging
New Exploration Results for the Timok Gold Project in Serbia” dated February 23, 2021 and the Technical
Report entitled “NI 43 -101 Tech nical Report, Timok Project, Pre -Feasibility Study, Zagubica, Serbia”
effective March 30, 2021, which have been posted on the Company’s website at www.dundeeprecious.com
and have been filed on SEDAR at www.sedar.com.
Exploration
During 2021, a total of 41 drill holes (37,925 metres) were completed as part of the brownfield exploration
program at Chelopech, focused on:
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Target delineation drilling at the Wedge and West Shaft prospects within the Sveta Petka exploration
licence;
Drill testing of conceptual targets within the Brevene exploration licence (Bridge, Kazana, Aramu
South, Chapel, Murgana) as well as grade/model evaluation drilling at the Vozdol prospect ;
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 to the Sveta Petka exploration l icence, which
surrounds the Chelopech mine, was approved in November 2021, allowing DPM to commence work related
to the commercial discovery phase. Permitting is underway and a 35,000-metre drilling campaign, with
focus on Sveta Petka, is anticipated to be completed in 2022.
At Ada Tepe, a total of 65 exploration drill holes ( 11,622 metres) were drilled in the Khan Krum mining
concession and surrounding licences during 2021. Drilling focused on infill and targeting delineation on the
Surnak, Synap and Kuklitsa prospects.
At the Timok project, a scout drilling program commenced on the Umka exploration licence, with five drill
holes completed for a total of 5,279 metres. Plans for 2022 include follow-up target delineation and drilling
based on the results to date.
In Ecuador, a review of the mineral potential and the legal, administrative and social obligations is underway
in order to develop a strategy for the exploration concessions held by DPM. Prospecting, mapping and
sampling have been undertaken on the Tierras Coloradas licence in 2021 and a 450 -kilometre line HD
Magnetic helicopter-borne survey was completed in January 2022.
Capital Allocation – INV Metals Inc. (“INV”) Acquisition, Share Repurchases and Declaration of Dividend
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.
INV acquisition
On July 26, 2021, the Company acquired all of the issued and outstanding shares it did not already own of
INV, the principal assets of which are comprised of the Loma Larga gold project and certain other
exploration licences. This acquisition leverages DPM’s proven strengths in developing world -class assets
and applying industry -leading ESG solutions to unlock the significant potential of the Loma Larga gold
project.
Share repurchases under the Normal-Course Issuer Bid (“NCIB”)
In 2021, DPM repurchased a total of 1,723,800 common shares at an average price of $6.02 (Cdn$7.64)
per share, for a total value of $10.4 million (Cdn$13.2 million).
The Board of Directors has approved the renewal of the NCIB (the “New Bid”), however, the renewal is
subject to acceptance by the TSX. If accepted, the New Bid will be made in accordance with the applicable
rules and policies of the TSX and applicable Cana dian securities laws. Pursuant to the New Bid, it is
expected that the Company will be able to purchase up to 9,000,000 common shares, representing
approximately 5% of the total issued and outstanding common shares as of February 17, 2022, over a
period of twelve months commencing after the TSX approval. The New Bid will also allow the Company to
enter into an Issuer Repurchase Agreement and an automatic share repurchase plan with its designated
broker in order to facilitate the purchase of its shares.
The actual timing and number of shares that may be purchased pursuant to the NCIB will be subject to
DPM’s ongoing capital requirements and management’s view that, from time to time, DPM’s shares may
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trade at prices well below the underlying value of the Company and during these periods the repurchase of
shares represents an excellent opportunity to enhance shareholder value.
Declaration of dividend
In 2021, the Company declared a quarterly dividend of $0.03 per common share to its shareholders of
record resulting in total dividend distributions of $22.4 million (2020 – $16.3 million).
On February 17, 2022, the Company declared a dividend of $0.04 per common share payable on April 18,
2022 to shareholders of record on March 31, 2022, representing a 33% increase over the previous quarterly
dividend.
The Company’s dividend has been set at a level that is considered to be sustainable based on the
Company’s free cash flow outlook and is expected to allow the Company to build additional balance sheet
strength to support the estimated capital funding associated with Loma Larga, Timok and other growth
opportunities, which represent a key element of DPM’s strategy. The declaration, amount and timing of any
future dividend are at the sole discretion of the Board of Directors and will be assessed based on the
Company’s capital allocation framework, having regard for the Company’s financial position, overall market
conditions, and its outlook for sustainable free cash flow, capital requirements, and other factors considered
relevant by the Board of Directors.
THREE-YEAR OUTLOOK AND DETAILED 2022 GUIDANCE
DPM continues to focus on increasing the profitability of its business by optimizing existing operating assets,
which are expected to maintain high levels of gold production as highlighted in the 2022 to 2024 outlook
and supplemental detailed 2022 guidance below.
2022 to 2024 Outlook
Highlights of the three-year outlook include:
Continued solid gold production: Over the next three years, gold production is expected to average
approximately 270,000 ounces per year based on current mine plans. Gold production is expected to
be between 250,000 and 290,000 ounces in 2022, between 265,000 and 310,000 ounces in 2023, and
between 230,000 and 265,000 ounces in 2024.
Stable copper production : Copper production between 2022 and 2024 is expected to average
approximately 35 million pounds per year, based on current mine plans.
Attractive all-in sustaining cost: All-in sustaining cost per ounce of gold is expected to be between
$750 and $890 in 2022, between $6 30 and $760 in 2023, and between $720 and $850 in 2024. The
year over year variations in all-in sustaining cost reflect expected gold grades in concentrate produced
and volumes of gold -copper concentrate delivered to third party smelters, with an overall increase
reflecting higher ocean freight and higher prices for electricity and direct materials.
Stable smelter performance: Annual estimates for complex concentrate smelted vary due to the
timing of scheduled furnace maintenance shutdowns, with the next shutdown scheduled to occur during
the second quarter of 2022. Based on an expected 18 -month operating cycle, complex concentr ate
smelted is expected to be between 210,000 and 240,000 tonnes in each of 2022 and 2023 , and
between 220,000 and 250,000 tonnes in 2024. Cash cost per tonne of complex concentrate smelted is
expected to be between $380 and $460 in 2022, between $350 and $450 in 2023, and between $340
and $440 in 2024, reflecting the impact of increased throughput, as well as estimated cost savings from
a comprehensive initiative directed at optimizing the cost structure of the smelter.
Sustaining capital expenditures: Sustaining capital expenditures vary due to the timing of certain
projects and are expected to be between $57 million and $66 million for 2022, between $46 million and
$54 million for 2023, and between $42 million to $49 million for 2024.