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Dundee's net earnings increased to $27M in Q3 on strong operating performance

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- Dundee Precious Metals reported Tuesday that in Q3 2023, the company produced 74,102 ounces of gold, 16% higher compared to Q3 2022 due primarily to mining in higher grade zones at Ada Tepe.

All-in sustaining cost per ounce of gold sold in the third quarter of 2023 of $911 was 8% lower than the corresponding period in 2022 due primarily to higher volumes of gold sold, partially offset by a stronger Euro relative to the U.S. dollar. Importantly, the company reported that its Q3 2023 net earnings of $27.1 million increased compared to a net loss of $57.7 million in Q3 2022, primarily due to the Tsumeb impairment charge of $85.0 million taken in Q3 2022, together with higher volumes of gold sold and higher realized gold and copper prices.

President and CEO David Rae commented, “With strong gold production, including record quarterly performance from Ada Tepe, we generated over $180 million of free cash flow year-to-date, demonstrating the quality of our assets and strength of our operating teams.

 

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