DUNDEE PRECIOUS METALS ANNOUNCES 2020 FIRST QUARTER RESULTS; DELIVERED STRONG PERFORMANCE AND GENERATED RECORD QUARTERLY NET EARNINGS (All monetary figures are expressed in U.S. dollars
DUNDEE PRECIOUS METALS ANNOUNCES 2020 FIRST QUARTER RESULTS;
DELIVERED STRONG PERFORMANCE AND GENERATED RECORD QUARTERLY NET EARNINGS
(All monetary figures are expressed in U.S. dollars unless otherwise stated)
Toronto, Ontario, May 6, 2020 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the “Company”)
today announced its operating and financial results for the first quarter of 2020.
FIRST QUARTER FINANCIAL AND OPERATING HIGHLIGHTS:
• Strong metals production – Produced 72,963 ounces of gold in concentrate, with Ada Tepe delivering
its highest quarterly production to date and Chelopech continuing its track record of consistent
performance. Copper production was 9.4 million pounds;
• Near-record smelter performance – Achieved throughput of 65,010 tonnes at Tsumeb, its second
highest quarterly production on record;
• Solid cost performance at all operations – Reported first quarter all-in sustaining cost per ounce of
gold(1) of $593 and a cash cost per tonne of complex concentrate smelted(1) of $357;
• Record quarterly free cash flow generation – Generated $9.4 million in cash flow from operating
activities after a temporary increase in working capital of $47.6 million, and a record $49.2 million of free
cash flow(1) in the first quarter;
• Growing adjusted net earnings – Reported net earnings attributable to common shareholders in the
first quarter of $43.2 million reflecting strong gold production from Chelopech and Ada Tepe. First quarter
reported adjusted net earnings(1) were a record $46.1 million or $0.26 per share;
• Strong financial position and liquidity – Ended first quarter with approximately $189 million of cash
resources, comprised of the undrawn portion of the Company’s long-term revolving credit facility (“RCF”),
a cash position of $13.6 million and no debt; and
• 2020 guidance – On track to meet previously issued guidance for 2020 at each of its operations.
“We are experiencing exceptional times as we continue to manage the evolving COVID -19 situation by
prioritizing the health and safety of our workforce and local communities, as well as striving to maintain the
continuity of our operations,” said David Rae, Chief Operating Officer, who, as previously announced, will be
assuming the role of President and CEO effective May 7, 2020. “The expertise of our people, the relationships
we have built with our stakeholders and the quality of our portfolio of assets has allowed us to deliver an
exceptional first quarter in these difficult circumstances. With strong gold production and cost performance,
we generated a record $49.2 million of free cash flow, and 2020 is on track to be another milestone year for
DPM as we demonstrate the full potential of our portfolio.”
“I am very proud to be leaving the Company in the strongest position it has ever been,” said Rick Howes,
outgoing President and CEO. “I am very confident it is in good hands under David’s leadership and I wish the
Company great success in the future.”
Response to Coronavirus (“COVID-19”)
On March 11, 2020, the World Health Organization classified COVID-19 as a worldwide pandemic and
governments across the globe have undertaken extensive measures to combat the spread of this virus. To
date, as a result of the proactive actions being taken within the regions in which we operate and by personnel
at each of our si tes, the impact of COVID-19 on the Company’s mining and smelting operations has been
minimal. The Company’s Chelopech and Ada Tepe mines in Bulgaria continue to operate at full capacity and
have not experienced any disruptions to their operations. In April 2020, the Tsumeb smelter in Namibia curtailed
its operations by shutting down ancillary plants for 30 days and reducing complex concentrate smelted for the
month by approximately 20% in response to a government directive aimed at limiting staffing levels. Full
operations resumed in May with ongoing management of the number of employees and contractors at site
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and adherence to the COVID-19 control practices that have been established across all sites. With the
throughput now back to full capacity, the smelter remains on track to achieve 2020 annual guidance. To date,
MineRP continues to operate with minimal impact on its ability to service existing customers although it is
experiencing delays in the conversion of its growing customer pipeline into sales as well as the start-up of
new projects and, as a result, expects a portion of targeted revenue growth to shift by one to two quarters.
The Company continues to closely assess and monitor the COVID-19 situation as it develops and has
undertaken a number of measures to mitigate associated risks, including establishing procedures and
contingency plans at each operating location, which are directed at safeguarding employees , managing
potential supply chain disruptions, including complex concentrate feed for the smelter, and maintaining
production at each of its operations. These activities are being overseen by an experienced cross-functional
team that includes members of senior management and leaders at the Company’s operations. At present,
there do not appear to be any imminent COVID -19 related circumstances that are expected to disrupt the
Company’s operations , however, g iven the highly uncertain and evolving nature of this situation, the
Company is not able to reliably estimate the duration and severity of this pandemic nor the potential impact
it could have on the Company’s operating and financial results.
Net Earnings and Adjusted Net Earnings
Net earnings attributable to common shareholders of $43.2 million ($0.24 per share) compared to a net loss
attributable to common shareholders of $1.5 million ($0.01 per share) for the same period in 2019.
Net earnings (loss) attributable to common shareholders in the first quarter of 2020 and 2019 were impacted
by net gains and losses on Sabina Gold and Silver Corp. (“Sabina”) special warrants, which are not reflective
of the Company’s underlying performance and are excluded from adjusted net earnings (loss)(1).
Adjusted net earnings in the first quarter of 2020 were $46.1 million ($0.26 per share) compared to an adjusted
net loss of $1.6 million ($0.01 per share) for the corresponding period in 2019. This increase was due primarily
to higher volumes of gold and copper sold, lower general and administrative expenses, higher realized gold
prices, lower treatment charges for Chelopech as a result of its concentrate being sold to third party smelters
and the favourable impact of a stronger U.S. dollar relative to the ZAR and Euro, partially offset by higher
depreciation and lower realized copper prices.
Adjusted EBITDA
Adjusted EBITDA (1) in the first quarter of 2020 was $ 77.5 million compared to $ 16.7 million in the
corresponding period in 2019, reflecting the same factors that affected adjusted net earnings (loss), except
for depreciation, interest and income taxes, which are excluded from adjusted EBITDA.
Production, Delivery and Cost Measures
The following table provides production, delivery and cash cost measures for the first quarter of 2020:
Chelopech Ada
Tepe Tsumeb
Consolidated
Q1 2020
2020 full-
year
guidance(1)
Ore processed (‘000s tonnes) 545.8 233.5 - 779.3 2,855 – 3,092
Metals contained in concentrate
produced
Gold (‘000s ounces) 42.7 30.3 - 73.0 257 – 299
Copper (million pounds) 9.4 - - 9.4 35 – 40
Payable metals in concentrate sold
Gold (‘000s ounces) 38.8 29.5 - 68.3 229 – 267
Copper (million pounds) 9.5 - - 9.5 33 – 38
Cash cost per tonne of ore
processed(2) 36.28 40.06 - - -
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All-in sustaining cost per ounce of
gold(2) - - - 593 700 - 780
Complex concentrate smelted
(‘000s tonnes) - - 65 65 230 – 265
Cash cost per tonne of complex
concentrate smelted(2) - - 357 357 370 – 450
(1) As disclosed in the MD&A for the period ended December 31, 2019, issued on February 13, 2020 and available at www.sedar.com and
www.dundeeprecious.com.
(2) Cash cost per tonne of ore processed, all-in sustaining cost per ounce of gold and cash cost per tonne of concentrate smelted are not
defined measures under IFRS. Refer to the “Non-GAAP Financial Measures” section of the MD&A for reconciliations to IFRS measures.
In the first quarter of 2020, gold contained in concentrate produced increased by 70% to 72,963 ounces
due primarily to production from Ada Tepe, which achieved commercial production in the second quarter
of 2019, and copper production increased by 17% to 9.4 million pounds due primarily to higher copper
grades, in each case, relative to the corresponding period in 2019.
Payable gold in concentrate sold in the first quarter of 2020 increased by 73% to 68,254 ounces relative to
the corresponding period in 2019 due primarily to deliveries from Ada Tepe, which achieved commercial
production in the second quarter of 2019. Payable copper in concentrate sold in the first quarter of 2020 of
9.5 million pounds was 5 1% higher than the corresponding period in 2019 d ue primarily to the timing of
gold-copper concentrate deliveries by Chelopech as there were three deliveries of gold-copper concentrate
in the first quarter of 2020 compared to two deliveries in the first quarter of 2019.
Complex concentrate smelted duri ng the first quarter of 2020 of 65, 010 tonnes was 3% higher than the
corresponding period in 2019 and represents Tsumeb’s second highest quarterly production on record.
This increase was due primarily to consistent performance and steady state of operations after the ramp -
up following the maintenance shutdown completed during the fourth quarter of 2019.
Cost Measures
Cost of sales in the first quarter of 2020 of $90.6 million was $25.9 million higher than the cor responding
period in 2019 due primarily to increased deliveries as a result of Ada Tepe commencing commercial
operation in the second quarter of 2019 , partially offset by the favourable impact of a stronger U.S. dollar
relative to the ZAR and Euro.
All-in sustaining cost per ounce of gold in the first quarter of 2020 of $59 3 was $22 6 lower than the
corresponding period in 2019 due primarily to low -cost gold production from Ada Tepe and higher by -
product credits.
Cash cost per tonne of complex concentrate smelted during the first quarter of 2020 was $357, which was
$13 lower than the corresponding period in 2019. This decrease was due primarily to the favourable impact
of a weaker ZAR relative to the U.S. dollar and higher volumes of complex concentrate smelted , partially
offset by lower acid prices.
Cash provided from operating activities
Cash provided from operating activities in the first quarter of 2020 of $9.4 million, compared with $14.4
million in the corre sponding period in 2019, is not reflective of the significant increase in earnings during
the period primarily as a result of a $47.6 million increase in working capital due to the timing of receipts
from customers and payments to suppliers. In addition, during the first quarter of 2020, Ada Tepe delivered
13,110 ounces of gold pursuant to the prepaid forward gold sales arrangement resulting in $17.9 million of
deferred revenue being recognized in revenue with no corresponding impact on cash as these delive ries
were in partial satisfaction of the $50.0 million of upfront proceeds received in 2016 in respect of the prepaid
forward gold sales arrangement.
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Free Cash Flow
Free cash flow in first quarter of 2020 was $49.2 million compared to $ 10.0 million in the corresponding
period in 2019. This increase was due primarily to higher volumes of gold and copper sold, higher realized
gold prices, lower treatment charges and the favourable impact of a stronger U.S. dollar relative to the ZAR
and Euro, partially offset by lower realized copper prices. Also, during the first quarter of 2020, Ada Tepe
delivered 13,110 ounces of gold pursuant to the prepaid forward gold sales arrangement resulting in $17.9
million of deferred revenue being recognized in revenue with no corresponding impact on cash as these
deliveries were in partial satisfaction of the $50.0 million of upfront proceeds received in 2016 in respect of
the prepaid forward gold sales arrangement.
Capital Expenditures
Capital expenditures incurred during the first quarter of 2020 were $9.6 million compared to $20.2 million in
the corresponding period in 2019.
Growth capital expenditures(1) incurred during the first quarter of 2020 were $2.8 million compared to $17.7
million in the corresponding period in 201 9. The period over period decline in growth capital expenditures
was related principally to the construction of the Ada Tepe gold mine , which was completed in 2019 .
Sustaining capital expenditures (1) incurred during the first quarter of 2020 were $6.8 million, in line with
guidance, compared to $2.5 million in the corresponding period in 2019. This increase was due primarily to
spending at Ada Tepe, which commenced commercial production in the second quarter of 2019, work on
the tailings management facility at Chelopech and the timing of projects at Tsumeb.
Timok Gold Project, Serbia
The Company filed a National Instrument 43-101 (“NI 43 -101’”) Technical Report on August 29, 2019
supporting the preliminary economic assessment (“PEA”) of the Timok gold project. The PEA is based on the
updated Mineral Resource estimate completed in September 2018 and provided a base case which primarily
considered the oxide and transitional material types. Following encouraging results from the optimization
work completed in 2019 to incorporate the sulphide portion of the resource, the Company has initiated a
prefeasibility study, which is expected to be completed by the end of 2020. For additional details, refer to the
press releases entitled “Dundee Precious Metals Files NI 43-101 Technical Report Supporting the Preliminary
Economic Assessment of the Timok Gold Project in Serbia” dated August 29, 2019 and “NI 43-101 Technical
Report – Mineral Resource Estimate Update for the Timok Gold Project Serbia” dated November 7, 2018, both
found on DPM’s website and filed on SEDAR at www.sedar.com.
Exploration
At Chelopech, diamond drilling from surface continued through the first quarter of 2020 at the Wedge South
target and at the Krasta prospect. In Serbia, drilling in the fourth quarter of 2019 and first quarter of 2020 defined
a new area of shallow oxide mineralization at the Timok gold project as well as an extension of copper gold
porphyry mineralization at depth at the Tulare project. In Quebec, a winter drill program on the Malartic property
was suspended in accordance with the order related to COVID-19 issued by the Government of Quebec.
Financial Position and Liquidity
As at March 31, 2020, DPM had fully repaid all debt and had a cash position of $13.6 million, as well as
$31.9 million of investments, comprised primarily of its 10.3% interest in Sabina and 19.4% equity interest
in INV Metals Inc. (“INV”), and $175.0 million of undrawn capacity under its RCF. After the delivery of 13,110
ounces of go ld under its prepaid gold facility during the first quarter of 2020, the Company has 20,977
ounces of gold to deliver during the remainder of 2020.
Capital Allocation and Declaration of Dividend
Consistent with the Company’s disciplined capital allocation framework, on February 13, 2020, the
Company declared an inaugural quarterly dividend of $0.02 per common share , which was paid on April
15, 2020 to shareholders of record on March 31, 2020. As a t March 31, 2020, the Company recognized a
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dividend payable of $3.6 million in accounts payable and accrued liabilities in the condensed interim
consolidated statements of financial position and a corresponding dividend distribution against its retained
earnings in the condensed interim consolidated statements of changes in shareholders’ equity.
On May 6, 2020, the Company declared a second quarter dividend of $0.02 per common share , which is
payable on July 15, 2020 to shareholders of record on June 30, 2020.
The level of the Company’s dividend is based on establishing a sustainable dividend having regard for the
Company’s free cash flow outlook and is expected to allow the Company to build additional balanc e sheet
strength to support further growth, a key element of DPM’s strategy. The declaration, amount and timing of
any future dividend are at the sole discretion of the Board of Directors and will be assessed based on the
Company’s capital allocation framework, having regard for the Company’s financial position, overall market
conditions, and its outlook for sustainable free cash flow, capital requirements, and other factors considered
relevant by the Board of Directors.
On-Track to Meet 2020 Guidance
DPM is on track to meet its previously issued guidance for 2020 for each of its operations, including
expected gold production of 257,000 to 299,000 ounces and 35 to 40 million pounds of copper. DPM
continues to expect all-in sustaining cost of $700 to $780 per ounce, and cash cost per tonne of complex
concentrate smelted of $370 to $450. Over the balance of 2020, 20,977 ounces of gold will be used to fully
settle the Company’s prepaid forward gold sale. For additional information regarding the Company’s
detailed guidance for 2020, please refer to the “Three-Year Outlook” section of the MD&A.
If foreign exchange rates and copper prices remain unchanged from current spot levels over the balance
of the year, 2020 cash costs are expected to be at or below the low end of guidance.
(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 at Tsumeb, net
of by -product credits, free cash flow, and growth and sustaining capital expenditures have no standardized meaning under
International Financial Reporting Standards ("IFRS"). Presenting these measures fro m 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 months ended March 31, 2020 (the “MD&A”)
for further discussion of these items, including reconciliations to IFRS measures.
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KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS
$ millions, except where noted
Ended March 31,
Three Months
2020 2019
Revenue 151.7 85.3
Cost of sales 90.6 64.7
Earnings (loss) before income taxes 48.1 (1.0)
Net earnings (loss) attributable to common shareholders 43.2 (1.5)
Basic earnings (loss) per share 0.24 (0.01)
Adjusted EBITDA(1) 77.5 16.7
Adjusted net earnings (loss)(1) 46.1 (1.6)
Adjusted basic earnings (loss) per share(1) 0.26 (0.01)
Cash provided from operating activities 9.4 14.4
Free cash flow(1) 49.2 10.0
Metals contained in concentrate produced:
Gold (ounces) 72,963 43,034
Copper (‘000s pounds) 9,381 8,021
Silver (ounces) 56,459 30,735
Payable metals in concentrate sold:
Gold (ounces) 68,254 39,559
Copper (‘000s pounds) 9,520 6,315
Silver (ounces) 54,848 25,061
All-in sustaining cost per ounce of gold(1) 593 819
Complex concentrate smelted at Tsumeb (tonnes) 65,010 62,822
Cash cost per tonne of complex concentrate smelted at Tsumeb (1) 357 370
1) Adjusted EBITDA; adjusted net earnings (loss); adjusted basic earnings (loss) per share; free cash flow; all-in sustaining cost per ounce of gold; and cash
cost per tonne of complex concentrate smelted at Tsumeb, 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.
This news release and DPM’s unaudited condensed interim consolidated financial statements and MD&A
for the three months ended March 31, 2020 are posted on the Company’s website at
www.dundeeprecious.com and have been filed on SEDAR at www.sedar.com.
Qualified Person
The technical information in this press release, with respect to the Company’s material mineral projects,
has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 Standards
of Disclosure for Mineral Projects of the Canadia n Securities Administrators and the Canadian Institute of
Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves, and
has been reviewed and approved by Richard Gosse, M.Sc. (Mineral Exploration), Vice President,
Exploration of DPM, who is a Qualified Person as defined under NI 43 -101, and not independent of the
Company.
First Quarter 2020 Results
On Thursday, May 7, 2020 at 9:00 AM EDT, DPM will host a conference call and audio webcast to discuss
the results, followed by a question -and-answer session. The call -in numbers and webcast details are as
follows:
Date: Thursday, May 7, 2020
Time: 9:00 AM EDT
Webcast: https://edge.media-server.com/mmc/p/m9prz58r
Canada and USA Toll Free: 1-844-264-2104
Outside Canada or USA: 1-270-823-1169
Passcode: 8050229
Replay: 1-855-859-2056
Outside Canada or USA: 1-404-537-3406
Replay Passcode: 8050229
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Replay Available Until: May 14, 2020 at 12:00 EDT
Virtual Annual Meeting of Shareholders and Presentation
DPM’s Annual Meeting of Shareholders will be held on Thursday, May 7, 2020 at 4:00 PM EDT. This year,
in light of the COVID-19 pandemic, the Company has elected to hold the meeting via live audio webcast in
line with government guidelines to limit gatherings and to prioritize the health and safety of our
shareholders, employees and other stakeholders. At the Annual Meeting, management will also make a
presentation for shareholders and investors where it will provide an update on its achievements, review its
operations and discuss the Company’s outlook. Materials for the meeting, including a user guide for
accessing the virtual meeting and a copy of the management presentation, are available on our website at:
https://www.dundeeprecious.com/English/Investors/Disclosure-and-Reporting/default.aspx#quarterly-section.
The details for the meeting, including the link to the audio webcast, are as follows:
Date: Thursday, May 7, 2020
Time: 4:00 PM EDT
Webcast: https://web.lumiagm.com/292644623
Meeting ID – 292644623; Password – dundee2020
A replay of the Annual Meeting will be available for 12 months via the Company’s website at:
https://www.dundeeprecious.com/English/Investors/Investor-and-Analyst-Support/default.aspx#webcast-
section.
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 gold-copper concentrate
containing gold, copper and silver and a pyrite concentrate containing gold, located east of Sofia, Bulgaria;
the Ada Tepe operations, which produces a gold concentrate containing gold and silver, located in southern
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 Canada,
Serbia and Ecuador, including its 10.3% interest in Sabina and 19.4% interest in INV.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This press release contains “forward looking statements” or “forward looking information” (collectively,
“Forward Looking Statements”) that involve a number of risks and uncertainties. Forward Looking
Statements are statements that are not historical facts and are generally, but not always, identified by the
use of forward looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “outlook”, “intends”, “anticipates”, “believes”, or variations of such words and
phrases or that state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken,
occur or be achieved, or the negative of any of these terms or similar expressions. The Forward Looking
Statements in this press release relate to, among other things: measures the Company is undertaking in
response to the COVID-19 outbreak, including its impacts on the Company’s global supply chains, the level
of and duration of reductions or curtailments in operating levels at Tsumeb or any of the Company’s mining
operations or exploration; expected cash flow; price of gold, copper, silver and acid, toll rates, metals
exposure and stockpile interest deductions; the estimation of Mineral Reserves and Mineral Resources and
the realization of such mineral estimates; the estimated capital costs, operating costs, key project operating
costs and financial metrics and other project economics, including the three -year outlook provided by the
Company; currency fluctuations; the impact of any impairment charges; the processing of Chelopech
concentrate; timing of further optimization work at Tsumeb; potential benefits of the planned rotary furnace
installation at the Tsumeb smelter; results of economic studies; success of exploration activities; achieving
the results set out in the PEA; the results of the prefeasibility study for the Timok gold project (the “PFS”) ;
the commencement and completion of the PFS ; success of permitting activities; permitting timelines;
success of investments, including potential acquisitions; requirements for additional capital; government
regulation of mining and smelting operations; environmental risks; reclamation expenses; potential or
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anticipated outcome of title disputes or claims; benefits of digital initiatives; the payment of dividends; the
timing and number of common shares of the Company that may be purchased pursuant to the NCIB; and
timing and possible outcome of pending litigation. Forward Looking Statements are based on certain key
assumptions and the opinions and estimates of management and Qualified Persons (in the case of
technical and scientific information), as of the date such statements are made, and they involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any other future results, performance or
achievements expressed or implied by the Forward Looking Statements. In addition to factors already
discussed in this press release, such factors include, among others: risks relating to the Company’s
business gener ally and as magnified by the impact of COVID -19, including changes to the Company’s
supply chain, product shortages, delivery and shipping issues, closure and/or failure of plant, equipment or
processes to operate as anticipated, employees and contractors becoming infected with COVID -19, lost
work hours and labour force shortages; fluctuations in metal and acid prices, toll rates and foreign exchange
rates; possible variations in ore grade and recovery rates; inherent uncertainties in respect of conclusions
of economic evaluations and economic studies , including the PEA and the PFS ; changes in project
parameters as plans continue to be refined; uncertainties with respect to actual results of current exploration
activities; uncertainties and risks inherent to developing and commissioning new mines into production,
which may be subject to unforeseen delays; uncertainties inherent with conducting business in foreign
jurisdictions where corruption, civil unrest, political instability and uncertainties with the ru le of law may
impact the Company’s activities; limitations on insurance coverage; accidents, labour disputes and other
risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion
of development or construction activities; actual results of current reclamation activities; social and non -
governmental organizations opposition to mining projects and smelting operations; unanticipated title
disputes; claims or litigation; cyber -attacks; there being no assurance that the Company will purchase
additional common shares of the Company under the NCIB; risks related to the implementation, cost and
realization of benefits from digital initiatives; failure to realize projected financial results from MineRP; risks
related to operating a technology business reliant on the ownership, protection and ongoing development
of key intellectual properties; as well as those risk factors discussed or referred to in the Company’s MD&A
under the heading “Risks and Uncertainties” and under the heading “Cautionary Note Regarding Forward
Looking Statements” which include further details on material assumptions used to develop such Forward
Looking Statements and material risk factors that could cause actual results to differ materially from
Forward Looking Statements, and other documents (including without limitation the Company’s most recent
Annual Information Form) filed from time to time with the securities regulatory authorities in all provinces
and territories of Canada and available on SEDAR at www.sedar.com.
The reader has been cautioned that the foregoing list is not exhaustive of all factors and assumptions which
may have been used. Although the Company has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those described in Forward Looking Statements,
there may be other factors that cause actions, events or results not to be anticipated, estimated or intended.
There can be no assurance that Forward Looking Statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. The Company’s Forward
Looking Statements reflect current expectations regarding f uture events and speak only as of the date
hereof. Other than as it may be required by law, the Company undertakes no obligation to update Forward
Looking Statements if circumstances or management’s estimates or opinions should change. Accordingly,
readers are cautioned not to place undue reliance on Forward Looking Statements.
For further information, please contact:
DUNDEE PRECIOUS METALS INC.
Rick Howes
President and
Chief Executive Officer
Tel: (416) 365-2836