After Dundee reported a third, consecutive, annual record high of 310,000 ounces in 2021, Dundee expected total gold production of: 250,000-290,000oz in 2022; 265,000-310,000oz in 2023; and 230,000-265,000oz in 2024. 

Canaccord Genuity Capital Markets analyst Dalton Baretto said the three-year production guidance was "modestly positive" compared with what the investment bank had envisioned, "particularly for 2024", while 2022 was in line with expectations. 

"Operating costs were also in line with our estimates on a per tonne basis. That said, AISC guidance was significantly above our forecasts each year on higher sustaining capex guidance," Baretto said. 

Dundee's cash cost per tonne of complex concentrate smelted was set to drop from US$479 in 2021 to US$380-US$460 in 2022. It was then set to drop to US$350-US$450 and US$340-US$440 in 2023 and 2024, respectively. 

The company's ASIC, or all-in sustaining cost per ounce of gold, was due to rise from US$657 last year to US$750-US$890 this year, before easing to US$630-US$760 and US$720-US$850 in 2023 and 2024, respectively. 

The company's guidance was given while releasing its operating and financial results for the fourth quarter and 12 months ending in December. 

"The Q4 financial results were largely in line with our estimates, given production and sales results were pre-released. Operating costs were slightly above our forecast, but we note that on a full-year basis, operating costs at both the mines and the smelter were in line with guidance," Baretto said. 

Dundee's cash cost per tonne of complex, concentrated smelted gold in the December quarter was US$445 and for the full year it was US$479. 

Dundee traded on the Toronto Stock Exchange at C$7.97/share on February 20. It had a market capitalisation of C$1.522 million. 

"We note that DPM trades at a substantial discount to its peers," Baretto said.