Ladies and gentlemen, thank you for standing by and welcome to the Dundee Precious Metals Annual Meeting 2020. At this time all participants are in a listen only mode. I would now like to hand the conference over to Chairman Jonathan Gutman. Please go ahead.
Thank you. Good afternoon and welcome to the Dundee Precious Metals 2020 annual meeting of shareholders. I now call the meeting to order. My name is Jonathan Goodman, and I share the company I will share today's meeting. As you know, we took the early initiative to move to a virtual format for our annual meeting this year in response to the COVID-nineteen global pandemic.
To ensure the health and safety of our shareholders, colleagues, and communities, we are using the power of technology to enable our shareholders to attend this meeting in a virtual format via live webcast. This format allows all shareholders and appointed proxy holders from any location to attend, participate, and vote at the meeting. Guests are also welcome to attend and listen to our meeting. As the meeting is being held virtually, we'd like to set out a few rules for the orderly conduct of the meeting. Questions can be submitted using the instant messaging service of the virtual interface Please note that there may be a slight delay in questions being received by us after they've been submitted.
Please follow the instructions in the virtual platform with Rosky to indicate your name, which entity you represent, if any, and confirm whether you are a registered shareholder or duly appointed proxy holder. Questions in respect of emotion can only be submitted by a registered shareholder, a duly appointed proxy holder. When reading out a question on emotion, we will note the name of the registered shareholder or proxy holders, submitting the questions. Following the formal part of the meeting and management's presentation, there will be a Q and A session where all registered shareholders proxy holders and guests are welcome to ask questions of a more general nature in order to deal with all questions in a timely fashion questions of a similar nature will be answered once and duplicative, questions will not receive a response. If we were unable to address your questions during the meeting, due to the time constraints, a representative will reach out to you following the meeting with a response.
For the purpose of the meeting today, Voyage and all matters be conducted by electronic ballot. To allow sufficient time for voting, the polls will be open at the beginning of the meeting and you will receive a message on the virtual interface requesting you to start registering your votes. I remind you that only registered shareholders and duly appointed proxy holders who have properly logged in with their control members of Usenay, will you be able to see the screen? All motions being brought forward at this meeting being brought forward at this meeting and will be asked to vote on each business segment. We remind you that if you are a registered shareholder, and you have already voted by proxy, you need not vote again, unless you wish to change your vote.
If you plan to vote at the meeting, You may choose to vote on each resolution immediately or wait to cast your vote until after an item is discussed or following the conclusion of discussion on all voting matters. To simply click on your choice 4 or withhold or against as applicable, a confirmation message will appear to show your vote has been received. To change your vote, simply change your selection. The votes you submitted on each polling item at the time of the poll The poll closes will be recorded. Total is in favor or against or withheld in the case may be for each resolution item will be tallied by the scrutineers once the voting is completed and the chair will report on the outcome of all motions at the end of the meeting.
We will now proceed with the formal part of today's meeting. To expedite the formal part of the meeting, I will move all motions as a proxy appointee. I would like to introduce the members of the management and other directors, President Mimi. We have Rick Howes, our departing, President and CEO. David Ray, our incoming President and CEO and former Executive Vice President, Chief Operating Officer.
Hume Kyle, Executive Vice President And Chief Financial Officer Kelly Stark Anderson, Executive Vice President, Corporate Affairs General Counsel And Corporate Secretary and Michael Dursman, Executive Vice President Development. Following the formal business, Rick House will highlight our 2019 results and achievements before introducing our new CEO, David Ray, who will review the current and the company for the company and respond to questions. I now ask that the 2020 Annual Meeting of the shareholders of the company come to order and hereby declare the polls open on all resolutions and will remain open until the last item of business of the meeting has been completed. Kelly Stark Anderson, Executive Vice President, Corporate Affairs General Counsel And Corporate Secretary of the Company will act as secretary of the meeting. For the purpose of this meeting, I appoint computer share and veteran services at scrutineers to compute the votes of any polls taken at the meeting and to report thereon to the SEC's constitution of the meeting.
The items of business for today's meeting are set out in the management information secure circular of the company dated March 25, 2020. This year, we emailed to shareholders using notice and access and deliver to your meeting materials. By providing you with a notice in posting the materials on our website at www.dendingpressure.com. Only mailing materials to shareholders were previously requested paper copies. The meeting materials, along with the audited consolidated financial statements and related MD and A, for the year ended December 31, 2019, were mailed April 7, 2020.
Unless there's an objection, make, which may be voiced only by registered shareholders, duly appointed proxy holders, by using the instant messaging service of the virtual enterprise space. I will dispense with the reading of the notice of meeting copies of the management information circular and other meeting materials are available on the company's profile on the Sierra site. As no objections of newnessy, we will continue. Our transfer agent computer share investor services has attached it to the proper mailing of the notice, calling this meeting, the translation has filed with the proof of service of such mailing, and I direct that a copy of such proof of service be retained with the records of the company. I have been advised that there are 2 or more people attending the meeting who hold or represent by proxy shares representing more than 25 percent of outstanding voting shares in the country.
Therefore, a quorum of shareholders is present, and the meeting is properly called and duly constituted. For the transaction of business. I've received the scrutiny's report and I directed their formal report to be retained with the record Presentation of financial statements and auditors, our honors report, has the first item of business on the On the agenda for today's meeting, I present the audited financial statements of the company for the year ended December 31, 2019. Together with the auditor's report, auditor's report for the shareholders they're on. Copies of such documents have been mailed to the shareholders who requested.
The next item of business is the election of directors. In accordance with the advance notice of bylaws of the company for nominations of directors by shareholders, we did not receive any notice of any director nominations for this year's meeting. Accordingly, the only person's housing material nominated for election directors of the company are the persons nominated by management. The 9 directors to be elected by the shareholders of the company shall hold office until the close of business is the 1st annual meeting with shareholders of the company. Following the election or until their success is our electoral point.
Peter Gilen, David Ray, Jeremy Kinsman, Juanita Montalvo, Peter Nixon, Mary Ann Towell, Anthony Wise, Walsh, Donald Young and me, Jonathan Goodman, have been nominated directors for the ensuing year until its successes are elected or appointed. Each of the person's nominated confirms that he or she is prepared to serve as a director. Since no other nominations, I move a motion to elect each of the individuals to nominate as directors. Unless there are any questions, I will move on to the next item of business. Appointment of auditor.
The next segment business is the appointment of auditors of the company for the ensuing year and to authorize the directors of the company to fix the auditors' remuneration. The Audit Committee of the Board of Directors to the company has approved, subject to shareholder confirmation, the appointment of PricewaterhouseCoopers LLP Charter Professional Accountants as the Auditor of the Company. I moved to PricewaterhouseCoopers LLP Charter Professional Account We appointed the auditor of the company into the next annual general meeting of Cheryl's and the board directed the authorized to fix the auditors' remuneration unless there are any questions, I will move on to the next item of business. Advisory say on pay resolution The next and final annual business is a path to non binding advisory resolution, accepting the company's approach to executive compensation. The form of this resolution is outlined in the search.
I moved into non binding advisory resolution, accepting the company's approach to executive compensation that set out in Circular be approved and confirmed. As we mentioned, voting say is being conducted by electronic ballot. I'll now take a moment to register its shareholders and appoint the proxy to complete the voting. For those of you who have not catched your votes, please do so now. We will provide registered shareholders and duly appointed approximately 1 more minute to complete the electronic ballot.
Once the electronic ballot closes, the voting will disappear and your votes will automatically be submitted. Voting is now closed. I would ask that the scrutineer compiled the report regarding results of voting on all business matters However, I've been advised that based on the proxies we received today, all voting, overwhelmingly, all voted overwhelmingly in favor of all these matters today. Each of the 9 nominees receive no less than 88% of the votes in favor of his or her election as director of the company to service the next annual meaning of shows or until the successes are elected or appointed. 99.85% have voted in favorably appointed Price WaterhouseCoopers LLP as the auditor of the company and to authorize supportive directors that come into fixer remuneration, 97.65% have voted in favor of passing a non binding advisory resolution, accepting the company's approach to executive compensation.
I declare that each of the 9 nominees have been duly elected as directors. PricewaterhouseCoopers LLP has been duly appointed had the auditors of the company and the non binding advisory resolution accepting the company's approach to executive compensation has been duly passed. I confirmed that the results of the Peller Sensedar and by press release following the meeting. The formal items of business is set out in the notice of meeting have now been dealt with. I move with this meeting now terminate.
As there is no further business coming for the meeting, I declare the formal part of the meeting to be concluded. Before I hand over things to Rick, Calvin, David Ray, to to provide an update on the company, I'd like to take a moment to acknowledge the significant contributions Rick House has made during his tenure at TPM. As was previously announced in December 2019, Rick will be stepping down as President and CEO, effective today. Rick has been instrumental in leading the company to a transformational period in our history, culminating in our recent transformation transition to a mid tier producer. Under his leadership, DPM's significant accomplishments have included transforming Chelopech into a world class asset following an expansion to 2,000,000 tons of ore per annum and successfully permitting building and ramping up production at Attatepec, one of the highest grade open pit mines in the world, optimizing performance at the Tsumeb smelter.
Developing a culture of innovation and advancing our digital strategy and continuing to build and elevate the DPM brand as an inside industry leader in ESG. Rick is leading the company in very solid position. With a promising future ahead of it. On behalf of the board, I'd like to thank Rick for his leadership and commitment to realizing value for our shareholders. Since December, Rick has been working closely with David to ensure a smooth transition into the role, and David has the board's full confidence that he has been a major contributor to our success and time as Chief Operating Officer.
With that, I'll now hand things over to Rick highlight 2019 results and achievements to be followed by our new CEO, David Ray, to continue with the management presentation and question
I'm truly very proud of what we accomplished together over the last 11 years. These achievements have culminated in a milestone year for the company. And I'll be reviewing our 2019 results before handing presentation over to David Gray who assumes the role of President and CEO effective today. Of course, this has been a very difficult few months across the globe with the COVID-nineteen pandemic. We are doing our best to ensure the health and safety of our employees and to support our local communities, which Dave will elaborate on further shortly.
Before we begin, let me draw your attention to our cautionary statement on slide 8, as we will be discussing forward looking information during our remarks. As highlighted on slide 9, in 2019, We established ourselves as an emerging mid tier producer by successfully ramping up our 2nd gold mine and delivered record annual metals production. Notably, we achieved these results while maintaining an impressive safety record with our buggarian operations achieving an impressive 2,500,000 hours without a lost time injury during the year. During the year, we generated operating cash flow of $99,000,000 and $60,000,000 $67,000,000 of free cash flow and reduced our debt and ended the year in a strong financial position. Turning to Slide 10.
We also continued to focus on advancing future growth opportunities. We completed a PEA on the PMOT Gold Project in Serbia, which with recent optimization looks very encouraging. Tmock has the potential to provide organic growth for a relatively low initial capital cost, and we have recently initiated a prefeasibility study to take the project forward. Our exploration efforts at Chelopech and Atatepe continued with the objective of increasing the mine life at each site. We were once again able to extend Chelopech's mine life, which continues to be approximately 8 years.
During the year, we also made a strategic investment in IND Metals, the owners of the Loma Largo project, a permitted stage project in Southern Ecuador The similarities to both Chelopech and Atatepe, we believe our unique technical and operating skills as well as our shared commitment to the environment and community where we operate will be invaluable to the IND team as it advances the project. We are committed to building shareholder value And with significant free cash flow expected from the business in the coming years, we are pleased to reward shareholders with an inaugural quarterly dividend of $0.02 per share. This is a level we believe is sustainable based on our current and future outlook, while maintaining sufficient capital resources to reinvest in our business. We were pleased to see that our significant achievements in 2019 were recognized by the market with our share price increasingly increasing by approximately 50 5 percent in 2019, outperforming both the GDXJ and the GDX indices. Overall, 2019 was a pivotal year for DPM as we successfully completed a multiyear investment phase phase and successful optimization of our assets.
Our successes in 2019 laid the foundation for a bright future for the company, and we're off to an even stronger start in 2020, which Dave will be discussing in a few moments. I've said this before, and I will say it again. I'm very proud of all that our team has accomplished over my 11 years of the company. I'd like to take a moment to acknowledge all our dedicated employees across the company who contributed to our success throughout my tenure and to thank our shareholders and Board of Directors for their support Today, as I step down from the CEO position and hand the reins over to Dave, I'm confident that I am leaving the company and the strongest position it has ever been in. I wish the company great success in the future and I'm very confident it will be in good hands under David's leadership to realize additional value for our shareholders.
I'll now hand the presentation over to Dave.
I'm pleased to be able to As a reminder, we will be taking questions after I finish my remarks. And for those of you wish to ask a question, you may do so at any point using the ask a question feature. In the webcast interface. I'll begin with Slide 12. As Rick mentioned, the company is in a very strong position to continue realizing value for shareholders.
We have a growing flow over the and our commitment to returning cash to shareholders with the initiation of a sustainable culture of innovation that is adding value to our operations, and we have a proven track record of delivering industry leading ESG solutions. Building social acceptance and securing permits in each of the countries where we operate. Moving now to Slide 13. With the world facing an unprecedented situation as government and society as a whole take measures to combat the COVID-nine pandemic, We quickly established procedures and contingency plans that focused on 3 items, protecting the health and safety of our people and the local communities, maintaining the continuity of our operations and managing potential thus far, our operations are continuing to operate in line with our guidance for the year, and we have not experienced any disruptions to our inbound and outbound supplies. We are continuing to take proactive measures to closely monitor the situation and given our financial and operational strength, we are well positioned to manage these challenges.
The COVID-nineteen pandemic has had a significant impact on the local communities where we operate, and we're making several efforts to provide support and assistance with a particular focus on the most vulnerable groups within the communities. Collectively DPM has contributed over $750,000 to support numerous COVID-nine initiatives to benefit the local communities where we operate. And we've shared some of the highlights on Slide 14. This financial support has been focused on local hospitals to support their activities and to assist them in preparing additional medical facilities to isolate and treat COVID-nineteen patients. These efforts have also included building accommodation for healthcare professionals treating COVID-nineteen patients, renovating an intensive care isolation ward and the donation of specialized medical equipment.
We've also provided necessary medical supplies and protected equipment. In addition to financial support, there are some great examples of our employees using their skills to contribute in other for our employees and the local community. As you can see on Slide 15, despite the challenges caused by COVID 19, we delivered an exceptional first quarter and achieved a number of records for our operating and financial performance. These results are a tribute to our strong local operating teams, the relationships we have built with our stakeholders and the quality of our portfolio. I'd like to touch on some of within only 3 months, a remarkable accomplishment in the mining industry.
Atatepe has continued to meet or exceed expectations and in only its 2nd full quarter of operation produced 30,000 ounces of gold. Chelopech continued its track record of consistent performance, with gold production in line with our expectations. And Tsumeb achieved its 2nd highest quarterly production on record, which was a significant increase from the previous quarter Turning now to Slide 16. This performance resulted in very strong consolidated production for the quarter of 73,000 ounces at an all in cost of $5.93 per ounce. We also generated strong financial results, including record adjusted EBITDA record adjusted earnings per share and a record $49,000,000 2020, as Rick was saying, is on track to be another milestone year for DPM as we are now starting to demonstrate the full potential of our portfolio.
Turning to Slide 17. In February, we initiated a 3 year outlook for production, all in sustaining costs smelter costs, and capital expenditures. In providing a longer term outlook for our business, we aim to provide greater visibility and transparency to the market as we transition to a mid tier producer. This highlights our strong production profile of approximately 300,000 ounces of gold, with all in cost declining to the low to mid $700 per ounce level, which is well within the lowest quartile in the industry. As you can see on Slide 18, we continue to maintain a strong balance sheet with a growing cash balance, a liquid investment portfolio and no debt.
At the end of the first quarter, we have a net cash balance of $14,000,000 $175,000,000 available under undrawn credit facilities. Our ending cash balance for which was largely a result of the timing of certain receipts from customers As we manage our financial position, we are focused on ensuring that we have adequate liquidity and that we manage within prudent financial metrics. I'd now like to focus on 3 aspects of our company that I believe will set us apart from our peers. 1st, our continuing success in adding value to our operations through innovation second, our industry leading ESG performance and finally, our significant free cash flow potential and commitment to shareholder value. Moving to Slide 19.
For a number of years, we've established a reputation as an innovative mining company for our work in applying new technologies to drive value in our business. Through the focus on innovation, we've developed the capabilities to quickly assess new technologies and efficiently incorporate them into business create further value. Most recently, the systems we had in place allowed us to respond very quickly as an organization to the COVID-nineteen pandemic. And seamlessly transition to remote work in many areas with little to no interruption to the overall business. Turning to Slide 20 and specifically talking about mining innovation.
When assessing new technologies, we look for the potential to increase safety, lower costs, improve operating performance and reduce our environmental impact. Technologies in several several areas where we see a lot of promise, such as the blast movement monitoring and, atatepec. Which contributes greater ore selectivity and ensures all loss dilution and misclassification are minimized. We're also implementing digital monitoring of the integrated mine waste facility at Atatepec, which provides online oversight on critical equipment and process from any location. With an approach of piloting at one location and rollout globally, we would envisage expanding this to Chelopech and Sumit.
Another example is the osmal furnace soft level sensor and tapping advisor, which provides real time information at Tsumeb and advice to operations. This increases copper yield by reducing losses to slag and improves operating efficiencies. We are now planning to expand the use of this flat form at our other operations to develop a digital twin of our process plants for real time and optimize decision making and control. As we move forward, we see a lot of opportunity in this area to help increase safety, lower mining costs and improve our operating performance. While reducing our environmental impact.
Moving to Slide 22. We believe that sustainability in the mining industry requires the required that companies adopt an enduring and robust business strategy that can deliver prosperity to our stakeholders over the longer term. There is also an increasing focus from our investors on ESG, the trend that we welcome as ESG has been an integral part of DPI's identity, and our history. Our approach is grounded on in our values and is supported by a strong policy commitment, a robust management system, and our people Tepi last year, it became the 1st new mine in Bulgaria in over 40 years, a significant achievement considering its location in a Natura 2000 zone, one of the most environmentally protected areas in Europe. As part of the project, we developed and implemented Small and medium enterprise fund, which is designed to support sustainable livelihood in the region beyond the life of the mine, through entrepreneurship and enterprise development.
And we've seen the positive impact of our operations as the region now has more people returning to live and work than immigrating abroad. To highlight a few other ESG highlights, I'd note that we've achieved significant improvements year over year in relation to materials and energy consumption, despite a stable production rate at both Chelopech and Sumit. We also continue to see strong safety performance are extremely proud with a 5 year trend for total recordable injuries shown here on Slide 22, which continues to improve year after year. When it comes to local employment and gender diversity, we are very proud of the fact that our management teams are comprised almost entirely of local employees, and we have a significant proportion of women in senior positions. Our efforts and track record have not gone unnoticed and resulted in DPM receiving NA rating by MS CI, a well respected independent ESG rating agency.
Also, our teams in Bulgaria recently see the annual grand award for investors of the year from the Bulgaria And Agency of Investment, which is pictured in Slide 23. We are proud to have received this prestigious award, particularly given we were nominated by the local mayor of the municipality. The same municipality that initially was opposed to the Atatep in mind for many years. This is a strong testament to our ability to secure and maintain our social license, and win the trust and respect from our local partners. In addition, our efforts to protect endangering tortoises in the Natura 2000 area around our Atatepec operation was recognized by the Bulgarian Forum for business leaders, which presented DPM with an environmental investments awards.
Now turning to Slide 25. Our results in 2019 and a strong future outlook for DPM are the culmination of a multi year phase in our business and the successful optimization of our assets. With Atatepin now in operation, we are about to realize the full potential of our portfolio through significant cash flow generation. As we look forward, we expect to generate an average of $140,000,000 over the in approach to capital allocation, the balances are desired to provide a cash return to our shareholders and reinvest in our business. Which is highlighted on Slide 26.
Earlier this year, we rewarded our shareholders within an inaugural quarterly dividend of $0.02 per share, a level we believe to be sustainable based on our free cash flow outlook. And yesterday, we announced our 2nd quarterly dividend payable on July 15. This is a signal of our commitment to delivering superior returns to shareholders and a disciplined approach to capital allocation. As well as our confidence that we will continue to deliver strong results in the coming years. Few companies of our size have implemented a dividend and we believe this is an attractive feature that will further distinguish us from our peers.
To close on Slide 27, overall DPM has never been in a strong position stronger position. With our strong plent manner. With continued volatility in global markets, we expect the strong fundamentals to for gold to continue, DPM is now extremely well positioned relative to our peers to benefit in this environment of higher gold prices and can also better withstand any fluctuations that may occur. We firmly believe that DPM's strong fundamentals continue to represent a compelling value opportunity for investors. On behalf of our employees and our Board of Directors, I would like to thank you for your continued support.
Thank you for your attention today. We'd now like to answer any questions that have been submitted
Thank you. As a reminder, questions may be submitted using the instant messaging service of the virtual interface. Please note there may be a slight delay in questions being received by us after they've been submitted in order to deal with all questions in a timely manner questions of similar nature will be answered once. If we are unable to answer your question during the meeting due to time constraints, Investor Relations will reach out to you following the meeting to provide or fonts. There are currently no questions in the queue, so just give it one moment while we wait for, any to come in.
As there are no questions at this time, this concludes the Q And A session. Should anyone, wish to follow-up Please do reach out to Investor Relations and we'll be happy to take your questions offline. Thank you for joining us.
And this concludes today's conference. You may now disconnect. Presenters, please hold.