Hello, everyone, note that a few years ago, I made a comment about the font size, so my chairman's agenda is about thirty pages long now. Thank you. So, good afternoon, ladies and gentlemen, and welcome to Dundee Precious Metals' 36th annual meeting. I now call the meeting to order. My name is Jonathan Goodman, and as chair of the company, I will chair today's meeting.
I'd like to to introduce the other directors present today, and I would ask that face 10 as I do so. Rick Howes, president, and CEO of the company, Peter Gillen, Jeremy Kinston, Juanita Montalvo, Peter Nixon. Marie Anne Tawill. Tony Walsh. And, Donna.
During this formal portion of the meeting, only registered shareholders present and in person and holders of valid proxies are permitted to participate in the voting. Following the formal business, Rick House will introduce his executive team, provide an update on questions. Shareholders and guests are welcome to participate. Women of Secretary and scrutineer. Kelly Stark Henderson, vice president, legal and corporate secretary of the company will act as secretary of the meeting week.
She's actually executive vice president now. A list of shareholders entitled to vote at this meeting has been tabled by Computershare investor services as representative Daniel Daniele Munoz and Bryce O'Kady are acting as good news in the has everyone entitled entitled to vote registered with the scrutiny? If not, please do so now, there at the background. This notice calling this meeting was mailed to shareholders of record as of March 22nd, 20 19. Declaration for the mailing is available for inspection by any shareholder and will be retained with the records of the company.
There is a core and present, and as noticed the meeting has been properly given, I declare that this meeting has been properly that is regularly constituted for the transaction of business. The scrutineers have advised the proxies received have been voted in support of all of the matters on today's agenda. Accordingly, voting will be by a show that. The minutes of the previous shareholders meeting of the company are available for a review by any shareholder. Let someone wishes to have them read, the minutes are table that will be retained by, with the records of the company.
Are there any objections to that? You have all received a copy of the Circular, which outlines the business for today's meeting. The consolidated financial statements of the company for the year ended December 31, 2018, together with the auditors reported to shareholders are tabled and copied as been mailed to requesting shareholders. There are additional copies available at the entrance of this meeting. Price Waters, HouseCoopers, LLC, He, the Auditor of the Corporation is represented here today by James Love, Husby, and Omar Salas.
Are there any questions in the financial statements accompanying The next item of business is the election of directors has outlined in the circular, management nominates, Peter Gillan, Richard House, Jeremy Kinston, Juanita Montalvo, Peter Nixon, Maria Antewill, Anthony Walsh, Donald Jang, and myself, Jonathan Good as directors for the ensuing year or until our successes are elected at our point. In accordance with the advance notice, By law 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 eligible to be nominated for election as directors of the company are the persons nominated by management. May I have a motion, nominating these persons as directed as of the company for the ensuing year?
Thank
you, Chantal. Is there a secondary? Thank you. I will now put the meeting, the motion to the meeting, and call for a vote by a show of hands for the management nominees for the motion, against the motion, Harry. I declare it looks like she gets to say the people whose names have been read, but I gotta read them all out every time.
I declare Peter Gillen, Jonathan Goodman, Richard House, Jeremy Kinsman, Juanita Monteabo, Peter Nixon, Riantha Will, Anthony Wash, Walsh Young, elected his directors for the ensuing year, or until there's the year. May I have a motion for the appointment of the auditor for the ensuing year? Thank you. And now put the motion to the meeting and call for a vote by Joanna for the motion.
I
declare the motion carried in that Next, and final item of business, I have a motion I'm gonna
very proud to say that that project is now ramping up, is one of the few examples of mining project which has come in under pretty much on schedule. And, really, the wrap up itself is really looking like it'll come on pretty much online when we expect it. So, like I said, you could probably on one here. I just got trained today, and I'll have to remind you I'm the luddite of the of the group. So, if with all my my talk technology and innovation.
I can't do it. Okay. Oh, Hello. I do will run through a few graphs here. I
Alright. So in terms of the, what we'll do, we'll have a look at a number of different things that we can do with. So if you don't mind, I'm just gonna walk over here. So and I'm gonna start off by looking at our MineRP activity. So if you look at MineRP, which is primarily focused on activities around planning.
I'm just gonna run through this and I'll pause at different points so that you can understand what it is that we're trying to see in terms of opportunity with, with this. So it's primarily focused about rethinking our planning, scheduling, and execution. And it's really built on fundamentals of moving from strategy through to operational and execution. And this is the platform really is looking at a number of different elements through a spatial database that allows us to get a certain reporting and control and analysis. Now if I just stop this for a moment, the key things that we're working on at the moment as part of our rollout of MineRP are broken into the design, the, basically, the blasting activity and the design of the blasting elements, and then from there on to production scheduling.
What we're doing is we're linking to a resource database and then we're linking that down to the operation of the equipment and then service functions, which are important to this particular activity, such as survey and reconciliation. But the key thing to all of this is the ability to take these elements. Link those to a spatial database where you have an XYZ coordinate plus meta data, such as density tonnages, grades, response to flotation or cyanidation, whatever that might be, and then be able to link this to all of the different softwares associate. So we've been working on this with, with mine RP actively, and we're now at the point where we're ready to actually introduce these 3 elements. So we're busy at the moment with user acceptance testing, and we will within the next couple of weeks actually be running this on a parallel process with our existing, planning, system.
So it's gonna move this along a little bit. So what I'm gonna do is I'm gonna run a couple of videos in the background here and talk around these. My intent is not to actually talk to them, but it's just showing you different things that you can actually do within the softwares. What you see here is the infrastructure of the mine And you can see in this case, elements of the block model. And what it allows you to do is to import that information from your resource database and then plan that whether it's at a high level or a low level in terms of timing.
And I'll come back to that in a moment. This is traditionally done in mining operations where you have these disparate files which are not connected. And anything that you do moving from the resource database into your planning, disconnects all of these elements. And it means that you for the moment you start working on that overall resource, you're actually disconnected from everything else that you're doing. Just pause this for a moment.
The key things about this, so this ability to plan across different horizons, we have 4 different planning horizons, different connections to databases. Every time something was was basically done, you lost that connectivity. And basically what we can do is we can actually control all these planning arising single database, fully linked any changes you can basically bring back in with no other steps. But the key bit as the next step is this piece in the bottom. What this is are the different elements of the planning that we do and this is referred to as parametric planning.
So once you have this thing designed and functional, you can then replicate what our currently manual process which take a lot of time. So you have a person planning each and every sequential activity that takes place, whether that's advancing on a blast or the blast design itself or the drift or the development or so on. What you can do, the bulk of these are actually the same. So what you can do is you can automate that so that you only work by exception. What difference does that make?
Instead of taking many hours or days, To be able to make an adjustment, you can do that in minutes. And the importance of that is you're able to optimize your plan at any given point, something we really can't do at the moment. So at the moment, we're working on the planning, blasting activities and working on the the planning through to scheduling, but the parametric planning is really gonna give us the power with the next phase of this activity. So if we move this thing forward then, what I wanna talk to you about here is what happens with the blasting design, for instance. So what you're looking at here is you're looking at the design and the layout of all the infrastructure and here, in this piece, is you're designed now to actually remove the ore.
So you're accessing drilling from the top, charging that with explosives, and you're actually basically treating at 2 meter intervals. Now what this is is this piece of software that is actually linked through to MineRP, which allows you to do the design. And actually these green tubes here are the, the, explosion energy in spheres through that level. So you can actually basically predict what is going to happen with the blasting as you design it. So it's been necessary to change to this to really get this seamless interaction with mine RP, in terms of what we do going forward.
So the next piece is you can look at this from a blasting design point of view, and what you'll see is that you're able to break this thing down into a number of hole by hole developments that you can see here. So here's your access drift. This is where you're gonna remove the material from the bottom. This thing is gonna be moving backwards into the page. And what you're looking at here is each one of the holes as you retreat.
So the next step then is that what we do is we bring up the integrated design then takes account of the resource through the plan, and we start to move towards the schedule. And here, what you're going to see running is basically the the development of the mine and the access and then the removal of the material, the treatment of the material. And so this first piece is really about the sort of higher, planning, planning horizons, and we're going to move down to the scheduling process. You've got many horizons in one plan, schedule optimization at every level, then you've got this three-dimensional reference. Now what that does when you have all of this running is you're able to actually optimize by running parallel three-dimensional optimizations, as you can see here.
So this is now moving to an optimization process, which really isn't possible for us to do at the moment. So as we progress with this and we compare different options, then we move to short term scheduling. So we've gone long term. Now we're going short term and we're looking at activity by activity, location, by location, scheduling down to a shift and task level. And when you actually execute that in MineRP, we then transport this from MineRP into these, the, the troll application, which is a Sandvik as opposed to mine RP application, as you can see here.
So we're interfacing with, what's called optimize, And this allows us to take that information in a schedule for different activities. So for instance, on you can see this, but these are drilling activities, blasting activities. You've got maintenance. You've got also some different things, roof bolting and so on. This is basically developed for the person who's monitoring the execution, and they can see the advance in real time against what is actually happening.
And then what they can do is if anything needs to change, they can change the schedule, and that gets driven down to the tablets on the equipment and to the people who are operating so they're able to track what is going on. So, basically, what we've done is we've moved from this integrated design and a high level planning down to short term scheduling. And that basically completes this part of the, presentation. So what I'll do is I'll stop at this point. And we'll move this, this on.
So the next thing is all of this activity is really perfect for us to interface with this other digital activity that we've been working on, which has been the development of a smart center. What this is is something that I and in steel you know, the big company's BHP Rio have been doing for many years now. And it's unusual for a company of our size, but we believe there is opportunity for us to actually bring together the different time horizons and planning and activity scheduling and execution activities, with people working together from a broad range of disciplines. So for instance, we have mining people, mill people, we have technical services, mine technical service process technical services, and all of those were previously disconnected. Now with some of these tools like MineRP, this is the opportunity to take advantage of that.
So we started this in September last year. We now have the mine and mill in this particular room. It's already generating benefits The next stage is that we'll introduce mine technical services and maintenance, and then we'll have the concept of how we roll this out and how we create value. So this is something we're gonna regret be progressing through the course of the year. So the next piece is what I touched on a little earlier when I talked about the planning and the execution, the bringing back the information.
There are various tools to do that, but the tools typically have been let's say a little crude relative to where the current state of technology is. So one of the things that we've been doing is we've been working with drone technology, an example of which you can see here, working with our partners, Exane, and what this is doing is it's allowing us to actually fly into stokes because this is an autonomous drone. It doesn't need somebody who's actually piloting it. And what happens is that you create the target points that you want it to go to and the drone will follow that pattern and map what's going on in the stope. Now okay.
So why is that important? Why would that add value? So I just wanna resize this a little bit. There we go. Why is that important?
Because what we're finding by doing this is not just the level of resolution, but we're seeing things that we previously couldn't see with the tools that we had So what you're seeing now is you're seeing the outcome of one of those surveys and the drone has flown back into the stop from the top, and it's now going to exit at the bottom of the from which we remove the ore using wirelessly controlled equipment as opposed to having people in these things. Now what I'm going to show you next is I'm going to show you what this looks like on a three-dimensional basis, what it's created. And then I'll show you some comparisons, in a moment. So basically the drone returns, you can have a look at the equipment, which is behind me here to the right. If you want to see that in bit more detail.
What happens is you get a three-dimensional scan of the stop as you can, as you can see here. And we have a couple of, 3 d printed models, if anybody would be interested in seeing that. So basically, this is the access from which we would actually do the drilling and then we would do the blasting and advance this and then what we do is we extract from the bottom. This allows us to go in and see what that looks like at any given point. That's something that we couldn't readily do previously, So if you have a look at, for instance, this was the historical method on the left hand side.
And what you see is 50,000 point this would take typically, we'd say 4 hours, but we'd be in generous between 1:3 hours to do this. What would happen is you put a device in through the top, and you would scanned to the limit of what was available. Whereas when you fly this thing with the drone, you get 35,000,000 points relative to 50,000 and it takes 2,000,000, 2 minutes for data collection and about 8 minutes of post processing. So the really interesting thing is if you do that scan, well, it looks, you know, we can live with that, right? But look at it on the right hand side here.
These are the 2 scans over lane, and actually what you're seeing here is what could not be seen by this previous technology. So why is that important? While it allows us to do a number of different things, the most expensive consumable you have underground is blasting materials. So what this is telling you is you've actually taken out more material than you expected. If you just go to drill that based on this profile, going to be wasting explosives.
So it gives an opportunity for us to have a direct impact on costs, a direct impact on things like ventilation and other other activities. So it's quite marked in terms of what it can do. In terms of the smelter ricks already mentioned, that, we've had a good couple of years. We've seen the new team at smelter that's been in place now for about 3 years, really starting to find its stride, making a significant difference. So as the capital cost spend has been going down, so we've seen the performance of the smelter improve.
And we've talked about some of these things before, so I won't spend a lot of time on it. But one of the biggest impacts right now is our primary smelting device called an osmelt, which melts around 7.50 tons a day. That's been basically through the years and the different CAM So these are the different relines. And if you look at the tonnages we've managed to put through, it's been sort of capped at about 150,000 to 180,000 tons. We've identified ways of being able to increase that, but more importantly, we can actually measure it, which is something that's unique to this particular vessel for the industry.
Nobody else does this. And what we can do is we can actually measure what the consumption of the lining is and project that forward. And this is why we're confident that we're going to be moving from as low as 6 months up to 18 months initially 24 months. Now what that does for every realignment that you save, you save $5,000,000 worth of direct costs, and you add about $14,000,000 worth of additional revenue. And it's at the point now with the realignment that we plan at the end of this year, we will have no real lines in 2020.
Were in this model, we would have had at least 1 and possibly 2 based on the old design. So that's one of the reasons why we've had big improvements. And you'll notice if you read this, there are other things better power management, increased oxygen enrichment, and some of these things are unique to this smelter of this design. So the other thing that we've been doing is we've been utilizing better the equipment, so it's not just the osmelt. So if you have a look at the converter, this is the secondary vessel.
It's a batch vessel. There are 2 of these. We installed them at a cost of $40,000,000, along with the asset plant 3 years ago. We were recognizing that we had every time we had to rebuild, it was an issue with our capability to treat the material that was coming from our primary smelting vessel. So at the time, what we did was we identified a $1,000,000 spend to take an old converter and to make that a holding vessel to create additional capacity.
If I can just sort of, at the high level, tell you what's going on here, you'll see there's 3 different time horizons actually 4, sorry. And if you look at these trends, what was happening initially, we were getting the 600 to 700 tons a day during the time we were doing a realign. Now bringing in the mat holding furnace, that gave us an opportunity to store some material, And then it also allowed us to treat at a higher rate and provide some buffer. So what happened was we moved this trend so that we were actually increasing the tonnage per day treated. So if you go back to October 2016, we were operating somewhere between 60630 tons, and we're now running consistently around it for 7.80 tons.
That is north of a $20,000,000 NPV, which means basically a 1 quarter payback, and we avoided the cost of $20,000,000 for additional converter. So I'm just gonna show you one other item now that, we're busy working on. So I've talked about a number of different things that, are more production productivity related, but this one is more safety related. So if I can just share this with you, This is a virtual reality simulation. It is at the osmelt, and it's actually taken from images of the of the operation.
So if I start this thing up, sorry, it looks like a didn't bring up the actual video. Try that again, shouldn't we? Alright. So what you're looking at now is you're looking at the just bring this one up. You're looking at the video of the person taking hold of the virtual control.
Sorry. Get this on the right one. And what you see here is the mud gun rotating around the body of the vessel. So this is a five meter diameter cylinder, 10 meters high. At any given time, it's got about 6 feet or 90 tons of material at 1200 degrees see.
So getting things right in this environment is really important from a safety point of view. And basically, we were training people on this device in the field. And the problem with that basically was that if you do move this thing out of the way, you'll see that it's a fairly confined space. You know, here you've got a launder, a little space between the landers, All of this is hot at any given time. So basically understanding what was going on, managing the risk associated was important So here's the mud gun coming up and coming across.
What this does, it allows you to drill the tap holes and subsequently close them after tapping. So I'm just gonna move the
head a little bit.
So here's one of the tapples. This is a slack tapples. If you drill a hole through this, 500 millimeters, you're gonna get material coming out about 20 tons in, say, 5 minutes. And then what happens is the mud gun puts pressure on the hold and closes it. So this virtual reality simulation where a person is basically remote and he's able to simulate with the actual control panel, what it looks like, exactly how he would go about operating the gun.
And also a hazards that are in the environment. So if you look over, you can see there's actually a water leak simulated, and that shows then there are consequences from mistakes haven't done your inspection. So opening the hole now as he is doing with the drill, what's going to happen is you're going to get an explosion when a material comes So you're allowed to train, or you can actually train people in a remote environment without putting them in harm's way and get them to understand the sort of risk they face And as you can see, you can actually simulate all sorts of things, but what this is doing is it's showing the material tapping out here from this upper layer. This is the map containing the copper. This is the slag in here.
The inside of the furnace. So in terms of your ability to visualize things, this is a dramatic improvement. Now this is a test for us. It's working extremely well. And we're now looking at how can we use this elsewhere.
So we could use this for all sorts of training, but also productivity and operational improvements. So I think that concludes what I was gonna talk about.
See, Dave gets to do the fun stuff. That's okay. Okay. Because I'm gonna talk a little bit about growth. And the first thing is our Krumovgrad.
So rather than me speak about Krumovgrad, we put a short video together for you to explain it, but I just wanted to bring you to speed. The the Krumovgrad project is currently on the ramp up phase. Credit structure is now completed. At the end of March, we were essentially complete, the construction phase. So we're in the commissioning and ramp up phase.
Everything actually is going quite well, and we anticipate that we would be in commercial production in this quarter. This has been a great success story, and I can just put the video on now and make it easier to explain the whole piece. Alright. There we go. Okay.
Oh, it's it's down to low again. Thanks, Steve.
Zantee Precious Metals as a Canadian based international gold mining company. Operating assets, including the Chelopech mine and Krumovgrad project in Bulgaria, the Soumit Specialty Smelter in Namibia, and the development stage TMOT Gold Project located in Serbia. We achieved 1st gold production at Krumovgrad in the first quarter of 2019. Now, this is a very significant milestone for the company, and that we'll be transitioning to a significant amount of free cash flow growth from the Krumovgrad project. And as well, we'll put us into, a mid tier classification and as, as a gold producer.
And as the first mine to be built in the Balkans in 40 years, it's a pivotal milestone for the company, the community, the country, and the region. The property located about 3 Kilometers South of the town of Krumovgrad in southeastern Bulgaria. Consists of the Adateppe deposit, which contains 800,000 ounces of gold reserves. It is a high grade open pit deposit, With reserve grades of 4 grams per ton at a very low strip ratio. The deposit consists of the wall zone and the upper zone, and will be mined in 4 of phases.
Crum of GRAD's relatively simple processing flow sheet encompasses crushing and grinding of the run of mine ore followed by flotation to produce a high grade gold bearing concentrate, which will be sold to global smelters for further processing. Also tailings from the plant are thickened and disposed of into an integrated mine waste facility, a design which uses mine waste rock to construct cells for the facility. Innovation plays a central role to all of DPM's operations. And a chromograd. Technology is also being used to ensure the quality and efficiency of the project.
This includes a blast monitoring system, to ensure more accurate or classification and great control. By being persistent, flexible, and innovative The company overcame many challenges that the project encountered since the original feasibility study was completed in 2005. Made a number of changes to address the concerns of the local community. 1st, eliminated use of the wet tailings facility. We also changed the flow sheet to change the technology we use for that, to address some concerns they had around the flow sheet.
And we also, shrunk the footprint by 50%. The company is proud to say Krumovgrad is the 1st project to be permitted in the European Netshura 2000 ecological network. After receiving construction and funding from the European Bank of Reconstruction And Development, the project has been designed and developed to meet their environmental and social performance requirements. The project will contribute significantly to local communities by employing approximately 2 130 people and contributing funds to education, infrastructure, health, culture, and small business development projects. The project could already be considered a success on 2 measures, The project has come in under budget of $165,000,000 compared to the original budget of 178,000,000 US dollars.
And record the 2,600,000 work hours without a lost time in theory. The mine will produce a 100,000 ounces a year over the 1st 5 years of its life And over the 8 year life of the mine, it will produce 85,000 ounces a year on average at a cash cost of $400 an ounce. We're exploring around the mine and we've discovered a number of satellite deposits, which we expect will extend the life of the mine as well. The project will significantly increase Dundee Precious Metals' consolidated annual gold production to approximately 350,000 gold equivalent ounces. And also significantly increase its cash flow, unlocking significant value for the company.
Its investors, and local communities.
So, I think the, the key message here is is that we, We are finally at after 2005, almost 15 years of, hard work, bringing this project project to fruition. And, A lot of effort, a lot of that, employees that have worked in the company, to make this happen. So it's been a a great success. So our next, growth potential project is called Timok in Serbia. So just talk a little bit about it.
So you can see, T Buck project here. In Borer, region in Borer, near near the the, Tmock copper project, so you can see, essentially the, exploration license here called, potash Tukchukka and Umka. Those are the license areas. Bore is located here. And the Chukuru Petri, the Timok, project, that Timok Copper Project, that NEbson, or now Zijin owns, is located right here.
This is a zooming of the license area. And, the 3 deposits, the newest discovery at Corkon West here And then the 2, 2 other, I'm sorry. 2 other 2 other discoveries, Corkan, and Bigger Hill, and to the South Cracker, the 3 the the 4 deposits cells make up the Timok gold project. Resume him on just this area here. These are the read the core ones that we are doing the studies on now.
And the original test work that was done indicated that this was, a large component of this deposit was oxides, and we produced a new a new resource estimate late last year. That basically found, essentially 2,000,000 ounces oxides and sulfides, about 1,100,000 ounces of oxides, 900,000 ounces of sulfides in these 3, 4 deposits. Shown here. And so the work that started on that was the the leach test that we did, early earlier this year or late last year, I mean. Which indicated that we were getting very good recoveries on the oxides.
We got no over 94, 4% recovery on the oxides in these two, orebodies, which are the 2 largest ones. And we got about 70% on the Cork and West. Awesome. Yeah. If we just zoom in on this, and we can show you in three dimensions here.
This is the drilling. You can see that it's fairly well drilled already in these two two bigger deposits. Bigger Hill, corkin, and the other one, corkin West. The red represents the oxide material, which is sitting at the top. And then the yellow represents the, transitional material, and then the blue represents the sulfides underneath.
So essentially, pretty straightforward deposit. And this is just running in background. Sorry. So There's just a PowerPoint. Okay.
So I did wanna touch just briefly on the environment, social, and governance, which is really a key part of any mining company's, core sort of success factor now. So we think we've excelled fairly well on this area. We have a very clear corporate responsibility policy, and, that ties together really our focus around health, safety, environment, and social. So we've probably, integrated. I'll say the whole corporate responsibility poll into one policy.
Let's a a bit unique, I think, in the industry, many are still focusing on individual policies for each area. We've tried to integrate ours into 1 corporate responsibility policy. Just to give you some indication of some of the ESG performance, that's occurred in the company, really over the last 4 or 5 years. But you can see that there we've had significant growth in production. Both, in terms of, production of copper concentrate and production of blister copper.
But we've also, at the same time, improved energy intensity reduce Chelopech's energy intensity by 13%. We reduced Tsumeb's energy intensity by 50%. Water intensity. We have seen a slight increase in water intensity at Chelopech, over the last little while, but we expect to come up turn around and start to come back down again, but the Tsumeb water intensity is is improved by over 42%. Greenhouse gas emissions emissions attention has dropped for Chelopech by 27% by Tsumeb, by 41% and the reduction in the SO2 emissions, which is also a greenhouse gas was reduced by over 89%.
You can see our total reportable injury frequencies have been reduced by 85%. And in terms of diversity, if you look at our our organization, currently have 21 out of our 45 senior managers or women. That's, quite unheard of in the mining industry. That's almost 50% of our senior managers in the organization are women. And then community investment, we spent over 2,200,000 invested, 2.2% or 1000000, 1000000.
Says percent 1,000,000. I know which one that is, which is why is the percent there? Mistake. 2,200,000,000 invested in 20 seen on community investment. And is that just for that's for all three sites?
Yeah. Yeah. So just an indication that we are working very hard on this. And we do believe that the demand on the mining industry is to do more than just comply with the regulatory requirements and and more than just get social license. It's really about having a social purpose, about driving that social purpose.
For social upliftment in the communities that we work in. And so we do, really treat our our community partners as partners and work closely with them to decide what are the key, I'll say concern issues they have both about our site and what we do. But also what other key concerns in terms of social upliftment in the communities, whether that's education, health care, or poverty, drinking water, etcetera. And so we try to focus our attention on those areas. And just as a way to kind of put some, perspective to this, as you know, there's more and more indices that are being used to score companies in terms of their ESG performance.
And this is just one of those indices. It's called the Arabic SRA Industry. And I think co incorporates 7000 of the world's largest corporations. So I don't know why we're in the world's largest, but we're in there. And, and one of those 7000.
And you can see on the 2 axis here, one is the global compact score, which is the vertical axis, which is really the United Nations global compact on human rights, labor rights, the environment, and anti corruption. And and that's the score on the left, on the on the vertical axis, on the horizontal axis, is the ESG score. The environment, social, and governance score. So you can see where Dundee stands. Any precious metals stands relative to those 7000 companies very high on the both both scales on both ends of this spectrum.
So so we're already positioned fairly well as a as a company in the ESG world, but we know that there's still room to improve. So we're we continue to focus on improving our performance in this area. That's the end of that. So just in summary, we are a growing low cost producer, produced some 350,000 gold equivalent ounces at an all in sustaining cost between 6:57:30 by 2020 and beyond. So it'll be a local low gold cost producer.
In the lowest quartile of the industry. Gonna get that problem again. And you can see that the, in terms of EBITDA growth with Krumovgrad, we'd be making a total of a $194,000,000 once Krumovgrad comes online. In terms of EBITDA, less sustaining capital, and at an enterprise value about 3 times, enterprise value less sustaining of about three times our our multiple on that. So, so in terms of our, our current, indices, it keeps running, but terms of our current current, multiples, we're still trading relatively speaking at a low multiple to our our value.
I just stopped this at this right point here. And you can see here that this growth of our earnings that will come from Krumovgrad. And then if I just let it play a little longer here, and that very quickly jumps away, but that's that's the multiples that we're trading at. Okay. Give me a minute for that.
So the last just wanted to talk briefly about our disciplined capital allocation.
Dundee Precious Metals is the Canadian based international gold mining company.
Hi. Here we go. This is what I wanted. So obviously with, heading into, free cash flow growth in the company, the key question we're getting asked by many shareholders is really how do we look at the, capital allocation? So we spent some time putting together a disciplined capital allocation framework.
Which is rich shown here. And really, it's quite simple. Turn to this framework. It's all about maintaining a strong balance sheet. Obviously, priorities being around reducing or eliminating any debt and building a strong, financial or a cash position once we're in that stage, which I think we're headed for, really the decision comes around reinvestment in the business or return of capital to shareholders.
And we don't see those as mutually exclusive. We see those as decisions that are made by the board, by the management and board. In terms of how that happens. And, essentially, we can see that with the kind of growth that we're going to get in, free cash flow, we can actually reinvest in the business as well as return some capital to shareholders. So that's really the strategy going forward.
The board will discuss once we get to a point where we're reaching that level of sort of a strong, cash position and growing cash position that we would make those decisions about how best to do that, how best return the capital, whether that's through dividends or share buyback, and then how much of that money will go into reinvestment in the business. But essentially, that's the simple framework. Okay. So, okay, that's, I think, essentially, the, end of the presentation. I know it was a bit long.
Wanna thank everybody for spending the time. And, as I am saying, I'm the lead out of the group, so I'm still learning how to use these these tools. But, Thank you for your attendance. And please, at at any time, come up and talk to any of us, and we can put some of these things back on the screen if you want, and we can talk about them. We do have, by the way, just wanted to introduce Exton, who who is the drone man not the drone manufacturer.
They're the software guys who made the autonomous drones. They're here today. If you really had a question about how to fly this in your backyard or something or you wanted to fly it through your house and get a survey, Talk to the matter. He'll tell you how to do it. Okay.
Thank you.