Dividend stuck at 2022's $1.60 rate despite gold up $500/oz Earth to AEM management:
The days of 0% interest rates are over. We can earn over 5% on 30-day Treasuries, in a currency that's appreciating versus most of the world. Why should we leave our money parked with you? Sure, gold is up. But the fruit of that move isn't making it's way to the shareholders.
Dividends should be budgeted, and quoted in press releases, as a function of OPERATING cash flow, not free cash flow. Otherwise, every time there's an acquisition, and debt is taken on, shareholders get moved to the back of the bus.
Further, the NCIB share buyback is not "profit returned to the shareholders". 2023's buybacks barely covered the shares handed out to management; the NCIB is 'profits handed to management'.