DUNDEE PRECIOUS METALS ANNOUNCES 2017 FOURTH QUARTER AND ANNUAL RESULTS AND 2018 GUIDANCE (All monetary figures are expressed in U.S. dollars
DUNDEE PRECIOUS METALS ANNOUNCES
2017 FOURTH QUARTER AND ANNUAL RESULTS AND 2018 GUIDANCE
(All monetary figures are expressed in U.S. dollars unless otherwise stated)
Toronto, Ontario, February 15, 2018 – Dundee Precious Metals Inc. (TSX: DPM)
ANNUAL FINANCIAL AND OPERATING HIGHLIGHTS:
Metals production – Produced record gold production of 197,684 ounces and outperformed 2017
guidance. Copper production of 35.8 million pounds was in line with guidance;
Smelter – Smelted 219,252 tonnes of complex concentrate in line with 2017 guidance and generated
positive cash flow in 2017;
Near term growth opportunities – Krumovgrad construction forecast to be completed below budget and
remains on track to produce first concentrate in the fourth quarter of 2018;
Cash flow – Generated $110 million in cash flow from operating activities and free cash flow(1) of $46
million; and
Financial position – Ended 2017 with approximately $281 million of cash resources, including long-term
revolving credit facility.
Dundee Precious Metals Inc. (“DPM” or the “Company”) today reported a fourth quarter net loss attributable to
common shareholders from continuing operations of $1.4 million ($0.01 per share) compared to a net loss of
$107.5 million ($0.67 per share) for the same period in 2016. Net earnings attributable to common shareholders
from continuing operations in 2017 were $0.2 million ($nil per share) compared to a net loss attributable to
common shareholders from continuing operations of $150.0 million ($1.00 per share) in 2016.
Net (loss) earnings attributable to common shareholders from continuing operations for the fourth quarter and
twelve months of 2017 and 2016 were impacted by net after-tax losses of $4.8 million (2016 – $113.1 million)
and $16.5 million (2016 – $127.6 million), respectively, related to several items not reflective of the Company’s
underlying operating performance, including impairment charges taken in 2016, and unrealized losses and
gains on c ommodity price and foreign exchange hedges , each of which are exc luded from adjusted net
earnings (loss).
Adjusted net earnings(1) during the fourth quarter of 2017 were $3.4 million ($0.02 per share) compared to $5.7
million ($0.04 per share) in the corresponding period in 2016. This decrease was due primarily to higher
treatment charges for Chelopech, partially offset by higher volumes of payable metals in concentrate sold,
lower depreciation and higher realized metal prices.
For 2017, adjusted net earnings were $16.7 million ($0.09 per share) compared to an adjusted net loss of $22.4
million ($0.15 per share) in 2016. The improved earnings were due primarily to higher volumes of payable gold
in concentrate sold, higher volumes of complex concentrate smelted and higher realized metal prices, partially
offset by higher treatment charges and operating expenses.
"2017 was a very strong year ,” said Rick Howes, President and CEO. " Chelopech delivered record gold
production and outperformed guidance, while Tsumeb continued to demonstrate improvements in operating
stability and performance and generated positive cash flow during the year. With first production from our low
cost Krumovgrad gold project expected in the fourth quarter of 2018, we are fast approaching a new phase of
growth that is expected to deliver a significant increase in gold production and operating cash flows. Together
with our strong balance sheet and available capital resources, we are well positioned for 2018 and beyond."
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Adjusted EBITDA
Adjusted EBITDA(1) during the fourth quarter and twelve months of 2017 was $21.8 million and $92.1 million,
respectively, compared to $30.2 million and $73.0 million in the corresponding period s in 2016. Adjusted
EBITDA was impacted by the same factors affecting adjusted net earnings (loss), except for depreciation,
interest and income taxes, which are excluded from adjusted EBITDA.
Production
In the fourth quarter of 2017, gold contained in concentrate produced increased by 12% to 49,390 ounces,
copper production increased by 7% to 9.5 million pounds and silver production increased by 6% to 53,920
ounces, in each case, relative to the corresponding period in 2016. The increase in gold production was
due primarily to higher than anticipated gold grades and higher recoveries. The increase in gold recoveries
was due primarily to ore mineralogy and the benefits of various initiatives with a specific focus on improving
recoveries. The increase in copper production was due primarily to higher planned copper grades ,
consistent with the 2017 mine plan.
In 2017, gold contained in concentrate produced increased by 19% to 197,684 ounces, copper production
decreased by 7% to 35.8 million pounds and silver production decreased by 9% to 206,767 ounces, in each
case, relative to 2016 . The increase in gold production was due primarily to higher gold recoveries and
higher than anticipated grades. The decreases in copper and silver production were due primarily to lower
grades, consistent with the 2017 mine plan.
Complex concentrate smelted during the fourth quarter of 2017 of 58,983 tonnes was 4% or 2,287 tonnes
lower than the corresponding period in 2016 due primarily to reduced availability of the high pressure
oxygen plant and a higher incidence of seasonal power outages, which impacted smelter operations during
the quarter.
A total of 219,252 tonnes of complex concentrate was smelted during 2017, which was 9% or 18,980 tonnes
higher than 2016 due primarily to a continued focus on operational excellence, increased availability of
Tsumeb’s main plants and the introduction of a matte holding furnace, partially offset by reduced availability
of the high pressure oxygen plant.
Deliveries
In the fourth quarter of 2017, payable gold in concentrate sold increased by 31% to 48,906 ounces, payable
copper increased by 13% to 10.0 million pounds and payable silver increased by 58% to 59,785 ounces, in
each case, relative to the corresponding period in 2016. The increase s in payable gold and copper were
due primarily to higher production and the timing of concentrate deliveries.
In 2017, payable gold in concentrate sold increased by 23% to 171,969 ounces, payable copper decreased
by 5% to 34.4 million pounds and payable silver increased by 14% to 182,721 ounces, in each case, relative
to 2016, consistent with underlying production.
Cost Measures
In the fourth quarter of 2017, cost of sales of $68.5 million was comparable to the c orresponding period in
2016 due primarily to lower depreciation offset by a weaker U.S. dollar relative to the Euro and higher
copper concentrate deliveries . Cost of sales in the fourth quarter of 2017 excluded certain realized gains
aggregating $2.0 million (2016 – $1.2 million) on foreign exchange hedges, which were recorded in other
expense (income) in the consolidated statements of earnings (loss).
Cost of sales in 2017 of $267.1 million was $9.1 million higher than 2016 due primarily to higher operating
expenses at Tsumeb related to higher throughput and electricity, contractor and labour rates, higher cost
per tonne copper concentrate sold as a result of lower copper grades and a weaker U.S. dollar relative to
the Euro and ZAR , partially offset by lower depreciation. Cost of sales in 2017 excluded certain realized
gains aggregating $6.7 million (2016 – $3.7 million) on foreign exchange hedge s, which were recorded in
other expense (income) in the consolidated statements of earnings (loss).
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All-in sustaining cost per ounce of gold (1) in the fourth quarter of 2017 of $802 was $190 higher than the
corresponding period in 2016. This increase was due primarily to higher treatment charges and
transportation costs for Chelopech , higher allocated general and administrative expenses and a weaker
U.S. dollar relative to the Euro , partially offset by higher volumes of payable gold in concentrate sold , and
higher by-product credits as a result of higher realized copper prices and higher volumes of payable copper
in concentrate sold. The increase in treatment charges was due primarily to increased deliveries of copper
concentrate to Tsumeb relative to the corresponding period in 2016 and favourable treatment charge
adjustments in the fourth quarter of 2016 relating to provisionally inv oiced concentrate sales from prior
periods.
All-in sustaining cost per ounce of gold in 2017 of $729 was $18 lower than 2016. This decrease was due
primarily to higher volumes of payable gold in concentrate sold, partially offset by higher treatment charges
and transportation costs for Chelopech, higher cost per tonne copper concentrate sold as a result of lower
copper grades, higher allocated general and administrative expenses and a weaker U.S. dollar relative to
the Euro.
Cash cost per tonne of complex concentrate smelted, net of by-product credits(1), during the fourth quarter
of 2017 of $406 was 10% or $37 higher than the corresponding period in 2016 due primarily to lower
volumes of complex concentrate smelted and higher electricity, contractor an d labour rates.
Cash cost per tonne of complex concentrate smelted, net of by -product credits, during 2017 of $458 was
4% or $18 higher than 2016 due primarily to higher electricity, contractor and labour rates, partially offset
by higher volumes of compl ex concentrate smelted and higher by-product credits as a result of increased
acid deliveries.
Cash provided from operating activities
Cash provided from operating activities in the fourth quarter of 2017 was $29.1 million compared to $15.7
million in the corresponding period in 2016. This increase was due primarily to a favourable change in non-
cash working capital, partially offset by higher general and administrative expenses.
Cash provided from operating activities in 2017 was $109.9 million compared to $84.1 million in 2016. This
increase was due primarily to a favourable change in non -cash working capital and improved results from
Chelopech and Tsumeb reflecting increased volumes at both operation s and higher realized metal prices.
These favourable variances were partially offset by the receipt of $50.0 million from the prepaid forward
gold sale in 2016.
Cash provided from operating activities, before changes in non -cash working capital (1), during the fourth
quarter and twelve months of 2017 was $ 20.3 million and $ 89.9 million, respectively, compared to $ 24.8
million and $122.1 million in the corresponding periods in 2016. The year over year decrease was due
solely to the receipt of $50.0 million from the prepaid forward gold sale in 2016 as results from Chelopech
and Tsumeb were up from 2016 reflecting increased volumes at both operations and higher realized metal
prices.
Free Cash Flow
Free cash flow in the fourth quarter of 2017 was $14. 6 million compared to $11.1 million in the
corresponding period in 2016. This increase was due primarily to lower term debt repayments following
DPM’s decision to prepay the final $8.1 million instalment of its Term Loans in the second quarter of 2017,
partially offset by higher general and administrative expenses.
Free cash flow in 2017 was $46.2 million compared to $74.9 million in 2016. This decrease was due solely
to the receipt of $50.0 million from the prepaid forward gold sale in 2016 as results from Chelopech and
Tsumeb were up from 2016 reflecting increased volumes at both operation s and higher realized metal
prices.
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Capital Expenditures
Capital expenditures during the fourth quarter and twelve months of 2017 were $28.7 million and $96.0
million, respectively, compared to $14.1 million and $50.9 million in the corresponding periods in 2016.
Growth capital expenditures(1) during the fourth quarter and twelve months of 2017 were $24.2 million and
$75.2 million, respectively, compared to $9.6 million and $29.6 million in the corresponding periods in 2016.
These increases were due primarily to the construction of the Krumovgrad gold project, which started in the
fourth quarter of 2016 . Sustaining capital expenditures (1) during the fourth quarter and twelve months of
2017 were $4.5 million and $20.8 million, respectively, compared to $ 4.5 million and $21.3 million in the
corresponding periods in 2016.
Exploration
Exploration continues to focus on brownfield exploration at Chelopech and Krumovgrad as well as the
advanced Timok gold project in Serbia. At Chelopech, systematic underground drilling of the Southeast
Breccia Pipe Zone (“SEBPZ”) is in progress while surfa ce drilling is centered on the Krasta target area
located approximately one kilometre northeast of the mine. At both the SEBPZ and the Krasta target area,
widely spaced drill holes have found broad zones of high sulphidation epithermal alteration with numerous
intervals of weak copper gold mineralization. At Krumovgrad, preparations are underway for drilling at
Surnak and Kuklitsa, two target areas within the concession, and on nearby exploration licen ses.
At the Timok gold project, Phase 2 drilling around the Korkan West discovery has defined gold
mineralization over a strike length of over 200 metres. Mineralized intervals are generally oxidized and are
close to surface. Metallurgical test work of oxide and transitional ore from Bigar Hill, Korkan and Korkan
West is being conducted at the SGS Lakefield laboratory.
Krumovgrad Project
At Krumovgrad, earthworks relating to the construction of the integrated mine waste facility (“IMWF”) and
installation of major equipment foundations continued in the fourth quarter of 2017 and are expected to be
completed in the first quarter of 2018 . The structural/mechanical/piping contractor mobilized to site during
the quarter and commenced with steel erection and equipment installation. The electrical and
instrumentation contractor was selected and will mobilize to site in the first quarter of 2018. All major
contracts have now been awarded and rates locked in for the balance of the project, with a fi nal estimated
cost of $166 million, 7% lower than the original budget of $178 million. As at December 31, 2017, the project
was approximately 51% complete and remains on track for first concentrate production in the fourth quarter
of 2018.
Acquisition of MineRP
On October 25, 2017, the Company completed the acquisition of MineRP Holdings Proprietary Limited,
through MineRP Holding s Inc. (“MineRP”), and combination with its Terrative Digital Solutions Division,
creating a technology provider in the mining industry for digital innovation with operations in Canada, South
Africa, Australia and Chile. As a result of this transaction, the Company owns a 78% investment in MineRP.
Total cash paid by the Company for the acquisition of MineRP was $20.0 million, including $8.1 million that
was used to repay all outstanding debt and certain other liabilities. DPM also agreed to provide MineRP with
up to $5.0 million of additional financing to support its working capital and growth initiatives, of which $3.0
million has been advanced as at December 31, 2017.
Financial Position
As at December 31, 2017, DPM had cash of $28.8 million, a 10% interest in Sabina valued at $48.4 million
and $252.0 million of undrawn capacity under its committed long-term revolving credit facility.
(1) Adjusted net earnings (loss), adjusted basic earnings (loss) per share, adjusted earnings before interest, taxes, depreciation and
amortization (“EBITDA”), all -in sustaining cost per ounce of gold, cash cost per tonne of complex concentrate smelted , net of by -
product credits, cash provided from operating activities, before changes in non-cash working capital, free cash flow, and growth and
sustaining capital expenditures have no standardized meaning under International Financial Reporting Standards ("IFRS"). Presenting
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these measures from period to period helps management and investors evaluate earnings and cash flow trends more readily in
comparison with results from prior periods. Refer to the “Non -GAAP Financial Measures” section of the Management’s Discussion
and Analysis for the three and twelve months ended December 31, 2017 (the “MD&A”) for further discussion of these items, including
reconciliations to IFRS measures.
KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS
$ millions, except where noted
Ended December 31,
Three Months Twelve Months
2017 2016 2017 2016
Revenue(1) 94.9 82.1 348.7 279.5
Cost of sales(1) 68.5 69.0 267.1 258.0
Impairment charges(1),(5) - 115.2 - 126.3
Earnings (loss) before income taxes(1) 0.2 (106.2) 4.8 (146.9)
Net (loss) earnings attributable to common
shareholders(1) (1.4) (107.5) 0.2 (150.0)
Basic (loss) earnings per share(1) (0.01) (0.67) 0.00 (1.00)
Adjusted EBITDA(1),(2) 21.8 30.2 92.1 73.0
Adjusted net earnings (loss)(1),(2) 3.4 5.7 16.7 (22.4)
Adjusted basic earnings (loss) per share(1),(2) 0.02 0.04 0.09 (0.15)
Cash provided from operating activities(1) 29.1 15.7 109.9 84.1
Cash provided from operating activities, before changes in
non-cash working capital(1),(2) 20.3 24.8 89.9 122.1
Free cash flow(1),(2) 14.6 11.1 46.2 74.9
Metals contained in copper and pyrite concentrate
produced(1):
Gold (ounces)(3) 49,390 43,964 197,684 165,665
Copper (‘000s pounds) 9,451 8,817 35,773 38,459
Silver (ounces) 53,920 51,035 206,767 227,673
Complex concentrate smelted at Tsumeb (tonnes) 58,983 61,270 219,252 200,272
Payable metals in copper and pyrite concentrate sold(1):
Gold (ounces)(4) 48,906 37,259 171,969 139,324
Copper (‘000s pounds) 9,927 8,786 34,367 36,074
Silver (ounces) 59,785 37,940 182,721 160,537
All-in sustaining cost per ounce of gold(2) 802 612 729 747
Cash cost per tonne of complex concentrate smelted at
Tsumeb, net of by-product credits(2) 406 369 458 440
(1) Information relates to continuing operations and excludes results from Kapan, which was sold in April 2016.
(2) Adjusted EBITDA; adjusted net earnings (loss); adjusted basic earnings (loss) per share; cash provided from operating activities,
before changes in non-cash working capital; free cash flow; all-in sustaining cost per ounce of gold; and cash cost per tonne of
complex concentrate smelted, net of by-product credits are not defined measures under IFRS. Refer to the “Non-GAAP Financial
Measures” section of the MD&A for reconciliations to IFRS measures.
(3) Includes gold contained in pyrite concentrate produced in the fourth quarter and twelve months of 2017 of 12,938 ounces and 56,449
ounces, respectively, compared to 12,387 ounces and 47,237 ounces for the corresponding periods in 2016.
(4) Includes payable gold in pyrite concentrate sold in the fourth quarter and twelve months of 2017 of 10,783 ounces and 35,714 ounces,
respectively, compared to 8,140 ounces and 31,380 ounces for the corresponding periods in 2016.
(5) Impairment charges in the fourth quarter and twelve months of 2016 included $107.0 million related to the write-down of Tsumeb’s
carrying value to its net recoverable amount. Further details can be found in the MD&A under the section “Review of Consolidated
Results”.
DPM’s audited consolidated financial statements for the years ended December 31, 2017 and 2016 and
MD&A for the three and twelve months ended December 31, 2017, are posted on the Company’s website
at www.dundeeprecious.com and have been filed on SEDAR at www.sedar.com.
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2018 Guidance
Overall Outlook and Strategy
For 2018, DPM will continue to focus on increasing the profitability of its business by optimizing existing
assets, achieving first gold production in the fourth quarter at the Krumovgrad gold project, which is
expected to generate significant growth in gold production and cash flows , and maintaining its balance
sheet strength. DPM is also pursuing growth opportunities within its existing portfolio of assets through
exploration programs in Bulg aria, near Chelopech and Krumovgrad, and in Serbia, near the Timok gold
project as well as through disciplined identification of investments in potential new opportunities.
The Company’s guidance for 2018 is set out in the following table:
$ millions, unless otherwise indicated Chelopech Tsumeb Consolidated
Ore milled (‘000s tonnes) 2,100 – 2,200 - 2,100 – 2,200
Cash cost per tonne of ore processed(3),(4) 37 – 40 - 37 – 40
Metals contained in concentrate produced(1),(2)
Gold (‘000s ounces) 165 – 195 - 165 – 195
Copper (million pounds) 33.7 – 40.4 - 33.7 – 40.4
Payable metals in concentrate sold(1)
Gold (‘000s ounces) 140 – 170 - 140 – 170
Copper (million pounds) 31.0 – 37.0 - 31.0 – 37.0
All-in sustaining cost per ounce of gold(3),(4),(5) - - 640 – 855
Complex concentrate smelted (‘000s tonnes) - 220 – 250 220 – 250
Cash cost per tonne of complex concentrate
smelted, net of by-product credits(3),(4) - 440 – 500 440 – 500
Corporate general and administrative expenses(3),(6) - - 20 – 24
Exploration expenses(3) - - 10 – 15
Sustaining capital expenditures(3),(4) 17 – 21 12 – 18 29 – 39
1) Gold produced includes gold in pyrite concentrate produced of 47,000 to 55,000 ounces and payable gold sold includes payable gold in pyrite concentrate
sold of 30,000 to 35,000 ounces.
2) Metals contained in concentrate produced are prior to deductions associated with smelter terms.
3) Based on Euro/US$ exchange rate of 1.23, US$/ZAR exchange rate of 12.75 and copper price of $2.75 per pound, where applicable.
4) Cash cost per tonne of ore processed, all-in sustaining cost per ounce of gold and cash cost per tonne of complex concentrate smelted, net of by-product
credits, and sustaining capital expenditures have no standardized meaning under IFRS. Refer to the “Non-GAAP Financial Measures” section of the MD&A
for reconciliations to IFRS.
5) Includes the treatment charges, transportation and other selling costs related to the sale of pyrite concentrate, and payable gold in pyrite concentrate sold.
All-in sustaining cost per ounce of gold, excluding payable gold in pyrite concentrate sold and related costs, is expected to be between $630 and $870 in
2018.
6) Excludes mark-to-market adjustments on share-based compensation and MineRP’s general and administrative expenses.
The 2018 guidance provided above is not expected to occur evenly throughout the year. The estimated
metals contained in concentrate produced, payable metals in con centrate sold and volumes of complex
concentrate smelted are expected to vary from quarter to quarter depending on the areas being mined, the
timing of concentrate deliveries and planned outages. The rate of capital expenditures is also expected to
vary from quarter to quarter based on the schedule for, and execution of, each capital project.
Chelopech
Gold contained in concentrate produced is expected to be between 165,000 and 195,000 ounces in 2018,
slightly below our record production in 2017. This is largely due to higher than anticipated grades in 2017,
and grades returning to expected life of mine levels in 2018. Gold production in the first half of 2018 is
expected to be higher than the second half based on the existing mine plans a t Chelopech. DPM is
advancing initiatives to further increase stope intensity and cycle time to optimize production and costs.
Mine planning will see a significant change in 2018 as MineRP software is implemented and optimized.
DPM is also continuing its p rocess plant optimization program designed to improve processes,
consumables consumption and metal recoveries.
Sustaining capital expenditures for Chelopech are expected to be higher than in recent years reflecting
approximately $9 million for the elevati on of its tailings management facility . This work is expected to be
completed in 2019 at a total cost of approximately $12 million.
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Tsumeb
Complex concentrate smelted in 2018 is expected to be between 220,000 and 250,000 tonnes, an increase
of up to 14% over 2017 production levels as the Company continues to optimize and ramp-up the facility.
A key focus in 2018 will be on achieving increased availability of the oxygen and power plants and a
decrease in secondary levels . Volumes of complex concentrate smelted in the first half of 2018 are
expected to be lower than the second half due to the timing of the annual maintenance shutdown, which is
currently expected to take place during the first half of 2018. Tsumeb is also implementing several initiatives
targeting unit cost reductions and productivity improvements.
The Company continues to advance its permitting and commercial discussions in connection with the
installation of a rotary holding furnace, which would increase capacity up to 370,000 tonnes. The timing of
this expansion is subject to timing of a nticipated new complex concentrate coming on the market and
adequate commercial arrangements being in place to support this expansion.
Krumovgrad
Key milestones at the Krumovgrad gold project in 2018 include the completion of the IMWF earthworks,
mechanical, structural, electrical and instrumentation installation and p re-stripping of the mine. Cold and
hot commissioning are on track for the second and third quarters, respectively, followed by first concentrate
production and commencement of the ramp -up to full design capacity in the fourth quarter . In addition to
the above noted milestones, DPM is focused on operational readiness and deploying its shared services
model to maximize the synergies with Chelopech. Fourth quarter gold production of approximately 3,000
ounces is expected to occur prior to declaring commercial production , anticipated to occur on or about
January 1, 2019, and, as a result, is excluded from the above 2018 guidance.
As at December 31, 2017, approximately $79 million has been incurred and with an additional $83 million
to $89 million forecast for 2018, the aggregate cost of the project is expected to be between $ 162 million
and $168 million, compared to the original estimate of $178 million.
Serbia
Following the discovery of the Korkan West deposit in 2017, DPM will continue to advance exploration of
this area in 2018 with the goal of adding more ounces to the existing Timok gold resource. DPM is also
conducting metallurgical testing to determine if an improved flowsheet can be developed. If successful, this
is expected to lead to an internal scoping study in 2018 followed by a revised preliminary economic
assessment.
MineRP
DPM does not anticipate a material contribution to earnings from MineRP in 2018 given that it is still in a
ramp-up phase. DPM also does not anticipate providing additional funding beyond the $2 million remaining
undrawn from the $5 million working capital facility provided following the acquisition.
Growth capital
The Company’s total growth capital expenditures are expected to range between $9 2 million and $10 0
million, which primarily relate to the completion of the Krumovgrad gold project . The balance of $9 million
to $11 million of additional growth capital includes $2 million of resource development drilling at Chelopech,
as well as $7 million to $9 million of margin improvement projects at Chelopech and Tsumeb.
Growth and Exploration
Given DPM’s strong financial position and expected surplus cash flow generation commencing in 2019 ,
DPM is strongly positioned to grow the business beyond its existing operating and development assets and
is actively identifying opportunities to grow its business in a disciplined manner.
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The exploration budget for 2018 increased to approximately $14 million fr om $ 9 million in 2017. The
increased budget will fund major drilling programs at Chelopech , consisting of 10,000 metres of
underground drilling on the SEBPZ and 5,000 metres of surface drilling on the Krasta target, to follow up
on 2017 drilling. Drill programs at Krumovgrad include grid drilling at Surnak and Kuklitsa that are within
the concession and scout drilling on nearby exploration licenses. A further 11,500 metres is planned for
exploration and resource drilling at the Timok gold project in Serbia. The remaining exploration budget will
be deployed primarily to other greenfield projects in Bulgaria, Serbia and the Malartic project in Quebec.
Qualified Person
The technical information in this press release, with respect to the Company’s mat erial mineral projects,
has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-
101 Standards of Disclosure for Mineral Projects (“NI 43 -101”) of the Canadian Securities Administrators
and the Canadian Instit ute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral
Resources and Mineral Reserves, and has been reviewed and approved by Richard Gosse, M.Sc. (Mineral
Exploration), Senior Vice President, Exploration of DPM, who is a Qualified Person as defined under NI 43-
101, and not independent of the Company.
2017 Fourth Quarter and Annual Results and 2018 Guidance Call and Webcast
The Company will hold a call and webcast to discuss its 2017 fourth quarter and annual results and its 2018
guidance on Friday, February 16 , 2018 at 9:00 a.m. (E .S.T.). The call will be hosted by Rick Howes,
President and Chief Executive Officer, who will be joined by Hume Kyle, Executive Vice President and Chief
Financial Officer, together with other members of the executive management team. The call will be
accessible via a live webcast and by telephone.
2017 Fourth Quarter and Annual Results and 2018 Guidance Call and Webcast (Listen/View only)
Date: Friday, February 16, 2017
Time: 9:00 am EST
Webcast: https://edge.media-server.com/m6/p/3zjeoax2
Canada and USA Toll Free: 1-844-264-2104
Outside Canada or USA: 1-270-823-1169
Replay: 1-855-859-2056
Replay Passcode: 3669639
About Dundee Precious Metals
Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged in the
acquisition of mineral properties, exploration, development, mining and processing of precious metals. The
Company's operating assets include the Chelopech operation, which produces a copper concentrate
containing gold and silver and a pyrite concentrate containing gold, located east of Sofia, Bulgaria; and the
Tsumeb smelter, a complex copper concentrate processing facility located in Namibia. DPM also holds
interests in a number of developing gold and exploration properties located in Bulgaria, including the
Krumovgrad gold project, which started construction in the fourth quarter of 2016 and is expected to
commence production in the fourth quarter of 2018, Canada, Serbia and Armenia, and its 10.2% interest in
Sabina Gold & Silver Corp.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This press release contains “forward looking statements” that involve a number of risks and uncertainties.
Forward looking statements include, but are not limited to, statements with respect to the estimated capital
costs, operating costs and other project economics with respect to Krumovgrad ; timing of development,
permitting, construction, commissioning activities and commencement of production in respect of
Krumovgrad; timing of further optimization work at Tsumeb and potential benefits of the rotary furnace
installation; price of gold, copper , silver and acid ; toll rates ; metals exposure and stockpile interest
deductions; potential financial benefits from its investment in MineRP; the estimation of Mineral Reserves
and Mineral Resources and the realization of such mineral estimates; timing and amount of estimated future