Our strategy is a key distinguishing factor in the precious metals sector:
Focus on generating free cash flow from long life mines. Business is about returns generated from capital employed. Our mines have distributed $498 million in profits, net of over $300 million of capital expenditures, and built our $212 million cash position – we have no debt and haven’t raised equity since 2010.
Deliver organic growth through extensive drilling and consolidation. 629,000 metres of exploration drilling at our mines during 2020-2021 enabled production guidance increases. We have commenced construction of a new 3,000 t/d mill and 20 million m3 tailings storage facility to accommodate future growth from our existing operations and satellite projects.
Equity investments in potential world class opportunities have added shareholder value. The $39 million invested in New Pacific Metals since 2017 resulted in a world class silver discovery and has increased to $138 million in value.
Ongoing merger and acquisition efforts create value by seeking attractive mineral projects in new jurisdictions. We ultimately didn’t acquire Guyana Goldfields in our 2020 attempt, but we realized a $20 million gain for our efforts.
Our long term commitment to responsible mining and ESG is focused on delivering a sustainable future. We have 17+ years of strong community and government relationships, as well as safety and environmental compliance. We bring this operating philosophy to every project we touch.