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Dundee PRECIOUS METALS DUNDEE PRECIOUS METALS DELIVERS RECORD 2020 RESULTS ; ANNOUNCES 2020 FOURTH QUARTER AND YEAR - END RESULTS AND PROVIDES THREE - YEAR OUTLOOK ( All monetary figures are expressed in U.S. dollars unless otherwise stated ) Toronto , Ontario , February 11 , 2021 - 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 , 2020 . ANNUAL FINANCIAL AND OPERATING HIGHLIGHTS : • • Record gold production - Strong operating performance continued in the fourth quarter and contributed to record gold annual production of 298,289 ounces , at the top end of 2020 guidance . Copper production of 35.6 million pounds was in line with 2020 guidance ; Solid smelter performance - Achieved throughput of 231,890 tonnes at Tsumeb , in line with 2020 guidance ; Strong cost performance at all operations - Cost of sales of $ 330.9 million , up $ 36.4 million from 2019 reflecting a full year of operation at Ada Tepe . Reported an all - in sustaining cost per ounce of gold ( 1 ) of $ 654 , below the original 2020 guidance , and a cash cost per tonne of complex concentrate smelted ( 1 ) of $ 377 , at the lower end of 2020 guidance ; • Strong cash flow generation - Generated $ 197.0 million in cash flow from operating activities and a record $ 211.4 million of free cash flow ( 1 ) ; • Growing earnings - Reported record net earnings attributable to common shareholders from continuing operations of $ 199.1 million , reflecting strong gold production combined with higher gold prices . Reported record adjusted net earnings ( 1 ) of $ 193.4 million or $ 1.07 per share ; • Increased dividend by 50 % - Quarterly dividend was increased to $ 0.03 per share in December 2020 , reflecting strong free cash flow generation . 2020 declared dividends totalled $ 0.09 per share ; • Strengthened financial position - Ended the year with $ 149.5 million in cash , an investment portfolio of $ 106.6 million and no debt ; and • Optimized 2021 guidance and three - year outlook - Detailed 2021 guidance and updated three - year outlook highlight the Company's strong gold production profile , attractive all - in sustaining costs , and sustaining capital expenditures that are trending lower . " In 2020 , DPM's continued strong operational performance delivered record gold production and generated $ 211 million of free cash flow . I am particularly proud of our accomplishments this year as we delivered exceptional results while adapting to the challenges of the COVID - 19 pandemic and prioritizing the health and safety of our workforce and local communities , ” said David Rae , President and Chief Executive Officer . " Tragically , as previously reported , there was a fatality at Tsumeb in November , which overshadows what was otherwise an exceptional year . The safety and well - being of our people is our highest priority , and we are focused on applying what we have learned from this incident across the organization to ensure every employee arrives home safely each day . " Our solid three - year outlook for gold production and attractive all - in sustaining costs , combined with our financial strength and significant free cash flow generation , position us well to continue delivering strong returns for our shareholders . Free cash flow in 2021 is expected to be positively impacted following the 2020 delivery of all remaining ounces under our prepaid forward gold sales arrangement . " 1