The decrease of $60 million in adjusted net income was a result of lower EBITDA of $31 million, higher depreciation and depletion of $50 million and lower taxes of $25 million. Outside of the impairment charges, the main items of adjustment to our adjusted net income in the year were $8 million of ore stockpile inventory write-downs and $5.3 million write-offs of mineral properties. Our free cash flow from operations for the full year 2022 was $69.2 million, down $17 million from the $86 million recorded in 2021. The reduction in free cash flow was consistent with lower EBITDA of $35 million higher CapEx of $25 million partially offset by lower taxes paid and changes in working capital. In 2022, we converted 28% of EBITDA into free cash flow compared to 31% in 2021.
On our balance sheet and liquidity position, in Q4, we increased our corporate facility by $50 million to $250 million, which at the end of the year puts us in a total liquidity position of $150 million comprised of $80 million in cash and cash equivalents and $70 million undrawn under the credit facility. Our total financial debt outstanding as of the end of the year was $226 million and $146 million net of cash. This is an increase of $60 million and $87 million over year-end 2021, respectively. During the year, we spent $251 million on additions to mineral properties, plant and equipment after our cash flow statement, which was mostly comprised of $108 million in the Séguéla project construction, $9.3 million of Séguéla brownfield exploration, $8.1 million of greenfield exploration and $112 million of capital expenditures, including brownfields at our operating mines.
There is a $30 million balance related to capitalized interest, capitalized management fees and advances to contractors. As of year-end, we have incurred $147 million out of the $173.5 million construction budget at Séguéla. The amount remaining to the same, including project accounts payables as of December 31 was $38 million. And finally, between Q2 and Q3, we repurchased a total of 2.2 million shares under our share repurchase program at an average share price of $2.68 per share. Back to you, Jorge.
Jorge Ganoza : Thank you, Luis. Carlos, to you.
Carlos Baca : Thank you, Jorge. We would now like to open the call to any questions that you may have.
Operator: We have a question from Adrian Day with Adrian Day Asset Management.
Adrian Day : I just wanted to ask, you had mentioned when you were discussing impairments, you mentioned that San Jose below head grades. Can you kind of quantify that?
Jorge Ganoza: Luis, do you want to expand on that?
Luis Ganoza : Yes. I mean the extension of life of mine at San Jose, has mostly to do with Victoria Vein, which does carry a lower head grade with respect to average grade of the reserve. That is in our reserve statement. I’m not able to give you exact head grades out of the Victoria Vein out on the head right now, there isn’t, but I’m not sure if I — Paul or Cesar, if you want to jump in there.
Adrian Day : Could you characterize those as meaningful or marginal or?
Jorge Ganoza : Go ahead.
Luis Ganoza : I was just going to say that we’re not going to get an exact number on the head grade. But what I can say on my end is that the projected life of mine, the remaining life of mine at San Jose is still based on those lower head grades with respect to our historical production is still contributing significant margins and free cash flow, not at the same rate certainly as before. But I mean, for instance, in our current mine plan, you could — based on our production guidance for the year, you can appreciate lower head grade, lower production with respect to 2022. And in 2022, lower with respect to 2021, but nonetheless, this — in the current price environment, we’re still projecting healthy free cash flow out of San Jose in the range of $25 million to $30 million. That, I think, additional color I could provide on what those lower head grades imply for San Jose moving forward at this stage.
